In POSIX shell, there's isn't really a good way. The naive approach:
LL="a b c d e"
for i in $LL; do
...
done
relies on the fact that no element in your list contains the delimiter (here, a space). If you know ahead of time what characters are not in your list, you can play with IFS. For instance, if you know that no item will contain a comma, you could use
LL="a,b c,d,e" # Yes, the second item is "b c"
# This is not a perfect way to backup IFS; I'm ignoring the corner
# case of what happens if IFS is currently unset.
OLDIFS=$IFS
IFS=,
for i in $LL; do
...
done
IFS=$OLDIFS
If you are actually using bash or another more modern shell, you can use an array, which was specifically introduced for this kind of problem. An array is essentially a second level of quoting, so you don't need to provide an explicit delimiter yourself.
LL=(a "b c" d e) # Four items, the second item contains a space
for i in "${LL[@}}"; do
...
done