I currently work for a X company on L1 visa in Chicago, which is valid until September 2011 and I have a valid I-94 form until September 2011. I have applied for H1B transfer through company Y.
Question 1# If the H1B visa is approved, I would be eligible to work for company Y starting october 1st 2010. But If I quit company X on August 31st 2010 (L1 visa would be cancelled), will this cause any issue during visa stamping or green card processing or anytime in future? Is there any grace period available for l1 to h1 transfer?
Question 2# If the H1B visa is NOT approved, If I quit company X on August 31st (L1 visa would be cancelled), how long could I stay in US?