how to create/design your repository/project

[JYang]

Hi, I'm new in CVS.  After reading lots of newsgroup and reading Karl
Fogel's CVS book, I'm ready to import our corporate codes into cvs.  We have
multiple clients and each client has multiple projects.  How should I set up
my repository to best benefit the development/management effort?

should we have multiple repositories? each repository represents one of our
clients.
or
should we have just 1 repository, define multiple modules and each module
represents one client/project combination?