Error: BACKUP LOG cannot be performed because there is no current database backup. (30949)

Job History or LiteSpeed verbose error log displays the following message:
Error: SQL Server has returned a failure message to LiteSpeed 2005 which has prevented the operation from succeeding.
The following message is not a LiteSpeed 2005 message. Please refer to SQL Server books online or Microsoft technical support for a solution:
BACKUP LOG is terminating abnormally.
BACKUP LOG cannot be performed because there is no current database backup.
Backup failed for database databasename

This error will occur if the log file is being truncated between when the full and the log backups occur.If another job (native SQL Server or LiteSpeed) is running that runs BACKUP LOG WITH TRUNCATE_ONLY or BACKUP LOG WITH NO_LOG

Remove the option BACKUP LOG WITH TRUNCATE_ONLY or BACKUP LOG WITH NO_LOG from scheduled backup jobs (native SQL Server or LiteSpeed).