I propose to follow the project developed under the control of the domain (DDD), and one of the proposed ways of its calculation would be the creation of the following projects:
Company.Project.Web <- Your MVC application, although you can still use WebForms Company.Project.Domain <- Data Transfer Objects (DTO), ViewModels, business logic, Company.Project.Data events <- Repository Interfaces
Company.Project.Data.EF <- EntityFramework Concrete repository implementation Company.Project.Model <- Your EF CodeFirst Classes
Company.Common <- Regular project of utilities and / or extensions
I would advise you to take a look at Project Silk http://silk.codeplex.com/ from the team of models and practices. Excellent reference implementation of DDD, Repository and MVC, as well as mixing in HTML 5 and jQuery (vNext).
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