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The need for information security and privacy in today's connected systems is overwhelming. This paper focuses on the access control and privacy issues in a project based business environment to access project resources and to maintain privacy of members. In this regard, the SemID ontology is proposed which formalizes roles of the members, and controls access to project resources by means of formalized privacy policies and rules. The ontology is modeled from a corporate project scenario using the Protege ontology editor platform.