diff --git a/backend/app/models/project.py b/backend/app/models/project.py
new file mode 100644
index 0000000..2d7f95c
--- /dev/null
+++ b/backend/app/models/project.py
@@ -0,0 +1,35 @@
+"""Project model."""
+from sqlalchemy import Column, String, Integer, Text, DateTime, ForeignKey, Boolean
+from app.models.base import Base, TimestampMixin, TenantMixin
+
+
+class Project(Base, TimestampMixin, TenantMixin):
+    """A project is the top-level business unit.
+
+    Lifecycle: draft -> planning -> in_progress -> review -> accepted -> archived
+    """
+    __tablename__ = "projects"
+
+    id = Column(Integer, primary_key=True, autoincrement=True)
+    name = Column(String(300), nullable=False)
+    description = Column(Text, default="")
+    status = Column(String(50), nullable=False, default="draft")
+
+    # Owner (project manager)
+    owner_id = Column(Integer, ForeignKey("users.id"), nullable=False)
+
+    # Timeline
+    start_date = Column(DateTime, nullable=True)
+    end_date = Column(DateTime, nullable=True)
+
+    # Budget (in cents to avoid float issues)
+    budget_limit_cents = Column(Integer, nullable=True)
+
+    # Acceptance criteria
+    acceptance_criteria = Column(Text, default="")
+
+    # Tags for categorization
+    tags = Column(String(500), default="")
+
+    def __repr__(self):
+        return f"<Project {self.name} [{self.status}]>"