Final answer:
The phrase "piercing the company veil" applies to a limited liability company (LLC) when its limited liability protection is disregarded and the owners can be held personally liable for the company's actions.
Step-by-step explanation:
The phrase "piercing the company veil" applies to a limited liability company (LLC). A limited liability company is a type of business structure that provides personal liability protection to its members, meaning the owners are not personally responsible for the company's debts or obligations. However, in certain circumstances, such as fraud or commingling of personal and business funds, the court may "pierce" the limited liability protection and hold the owners personally liable for the company's actions.