Yes, it is fully open-source.
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this is normal - you can fork and use the code, but you can’t use the same name. This is what happened when we forked from SugarCRM, we had to use a new name.
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A Foundation is not the only way to do it. This is about who owns the current product and code, it doesn’t affect your rights to get access to all the source and to fork. It is possible that in the future there might be a Foundation, but it is not promised - it simply might not be necessary.
An important feature of the SuiteCRM “deal” with the Community is that Greg Soper, SalesAgility founder and chairman, has repeatedly written that SuiteCRM is and always will be open-source. There won’t be a second instance of what SugarCRM did by going closed source.