Error "LC.exe" Exited with Code -1 Occurs While Building

While building the application, "LC.exe" exited with code -1 error might occur, at which time the build stops. You can avoid this issue by opening the licenses.licx file for the project and deleting the license information for the controls that are not being used.

In Visual Basic, licenses.licx gets placed inside the My Project folder in the tree on selecting Show All Files from toolbar of Solution Explorer window.
In C#, licenses.licx is placed inside the Properties folder found under the Solution Explorer window tree.