A: LC.EXE (License Compiler) is a command line utility provided with .Net Framework 2.0. By default this utility is installed in C:\Program Files\Microsoft Visual Studio 8\SDK\v2.0\Bin. When executed, LC.exe will read license information from a text file and include it with .Net assembly. For more information, goto http://msdn2.microsoft.com/en-us/library/ha0k3c9f.aspx.
Recently a KB (Knowledge Base) article was published for a bug regading this utility. The License Compiler (Lc.exe) throws an exception when a .NET Framework 2.0 application consumes licensed components on a computer that is running a 64-bit operating system. For more information, see KB article 913961.