1) Can I have the GC processed within the remaining time that my Visa is valid for. In case not then will i able to get an extension on my Visa along with my husband (L1B)
Depending on your country of birth ( India-born applicants for example have a VERY long wait) and visa category (what is the education required for your position), the wait for a green card can be anywhere from a year to fifteen years. You may start the labor certification process now.
2) What all formalities are involved as an employer to process a GC, as the employer that i am working with is a relatively small store and they dont have prior experience of filing for GC.
Your question is too openended.and you and your employer need a full consultation with an immigration attorney. Whoever prepared the L visa should be able to assist. The following is extremely over simplified as an explanation.
Step One: The employer wil need to advertise the job in anumber of different places, post an internal ad, obtain a prevailing wage, show there are no willing qualifed US workers who are being turned away. (can take two or three years to get a certification)
Step Two - The employer files form I-140 (six months)
Step Three - Form I-485 Application to adjust status
3) Will it be better to first change my status to H1B before filing if yes what is the process involved in doing so? This again should be discussed with your attorney but is often a good idea.
This communication is intended as general information and not specific legal advice, and this communication does not create an attorney-client relationship. Consultation with an experienced competent immigration attorney is often the best way to address the complexities of individual immigration issues.