L1 blanket visa - business unit being sold

The underlying basis for the L-1 is not just having worked outside the US for a year, it has to be a year in a qualifying position at a company abroad that is commonly held (Parent, subsidiary. affiliate) of the one that employs you in the US. Often, that qualifying relationship between where you worked abroad and where you work now is severed when the US business is sold, but not always: if the acquiring US company also acquires the foreign company or unit from which you were transferred to the US, then the L-1 relationship is preserved. In some instances, for highly-valued senior management, even when that tie is severed, if the acquiring company is also part of a multinational group, then counsel for the acquiring company may be able to file an amended petition arguing that the senior managers in question possess knowledge and skills inherent in the value of the acquired unit, and those employees were part of the price of the deal. However, it is more likely that the new company will try to find some other work visa for which you may qualify, such as an H-1B.

This is general information only; it is not intended as a substitute for legal advice, and does not create an attorney-client relationship.

I agree with the other answer and have some other thoughts to share:

Whether you can retain your L1 status really depends on how the sale occurs (asset or stock purchase) and whether the new company still meets the "affiliation" requirements and "identity of management and ownership" as the prior company.

Consider applying for a GREEN CARD in a hurry. Depending on the time frame of the sale i.e. if you have a few months to work with, you may have enough time to seek permanent residence ("green card") based on your L1A (you didn't mention whether you have an L1A/Manager/Exec or L1B/Specialized Knowledge. A green card is certainly a quick way to get off the immigration treadmill, since once you are a permanent resident, your employment choices will no longer limited to your sponsors. Since you are Employment Based 1st Preference, there is no Labor Certification requirement. Timing in this scenario has to be well planned.

H1B visa is also a good obvious choice with the new company. The good news is the H1B visa cap has not been reached for the coming fiscal year, so there are still visas available for 10/1/09 start dates.

You have lots of options. You just want to choose one that is the best long term strategy for you. Because otherwise, the only person who is happy is your immigration lawyer = ) ... since we get fees every time you change your status.

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