The compound formed by lithium (Li) and chlorine (Cl) is LiCl, which is called lithium chloride.

Here's how we get that:

* Lithium is in Group 1 of the periodic table, meaning it forms a +1 ion (Li⁺).

* Chlorine is in Group 17, meaning it forms a -1 ion (Cl⁻).

* To form a neutral compound, the charges must balance out. Therefore, one lithium ion combines with one chlorine ion to form LiCl.