The 'System.Web.Security.SqlMembershipProvider' requires a database schema compatible with schema version '1'.

Normally you will encounter this issue if you generate an sql script of an aspnet_database without including the data. To resolve this you have 2 options:

1.) Execute c:\windows\microsoft.net\framework\v4.xxx\aspnet_regsql.exe, and just follow through.
2.) Or you can execute the script below, if you already have the aspnet_xxx tables:

INSERT INTO aspnet_SchemaVersions (Feature, CompatibleSchemaVersion, IsCurrentVersion) VALUES ('common', '1', 1)
INSERT INTO aspnet_SchemaVersions (Feature, CompatibleSchemaVersion, IsCurrentVersion) VALUES ('health monitoring', '1', 1)
INSERT INTO aspnet_SchemaVersions (Feature, CompatibleSchemaVersion, IsCurrentVersion) VALUES ('membership', '1', 1)
INSERT INTO aspnet_SchemaVersions (Feature, CompatibleSchemaVersion, IsCurrentVersion) VALUES ('personalization', '1', 1)
INSERT INTO aspnet_SchemaVersions (Feature, CompatibleSchemaVersion, IsCurrentVersion) VALUES ('profile', '1', 1)
INSERT INTO aspnet_SchemaVersions (Feature, CompatibleSchemaVersion, IsCurrentVersion) VALUES ('role manager', '1', 1)