Here's how we arrive at the name:

* Lithium is a metal in Group 1 of the periodic table, forming a +1 cation (Li⁺).

* Chlorine is a nonmetal in Group 17 of the periodic table, forming a -1 anion (Cl⁻).

* To balance the charges, one lithium ion (Li⁺) combines with one chloride ion (Cl⁻) to form the compound LiCl.

Therefore, the name of the compound is lithium chloride.