A Project is a collection of related Meetings, Action Items, Files, and Team collaboration (comments). A Project has a name, description, an owner (creator), administrator(s), members, and guests.
You do not need to be a Project Member to see a Project. Project visibility is determined by the permissions of the Project, which are managed by the Project Administrators. This can be changed to limit Project access to only the entire Team, only Project Members, or Private to only the Project Owner.