Put your model and any support classes (for example, additional entity functions in partial classes, repository and implementation interfaces, and validation) in a separate class library. This is by far the best way to share this functionality.
Compile this into your assembly and you can link to any number of projects - your ASP.NET web applications, your ASP.NET MVC applications, your WPF and Winforms applications, no matter what you do - just add a link to your model assembly EF.
As for naming, use something that makes sense. Do not attach it to a specific project or decision - give it a descriptive name. What is the model - what data is contained in it?
You could call it something like YourCompany.HumanResources.DataModel or something else - do not make it specific to a project, as you are likely to use it several times in different projects.
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