You can create as many projects as you want. The projects exists until you choose to delete them.
When I have been asked for advice regarding how to organize data in a variety of apps that use a "project" structure I tell people to consider these factors:
1. Do you need to restrict access to the data? If User A should have one set of permissions for Client Project A, and different (or no) permissions in Client Project B, that factors into your decision on how to organize the data into projects.
2. How do you need to report on the data? The types of reports you need to generate factor into how you organize the data.
In this case it is also relevant to consider what type of data you are trying to track. If you are managing software development of a single product that gets delivered to multiple clients, the development work is typically tracked in a single project. If you need to also track other activities related to delivery of the product to specific clients, you might want to track the delivery activities as a 1..n different project(s).
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