Job loss....Change of employer...Please help!!

[akn_sv]

Hello Experts,

I am in need of expert advice. I work for a small consulting company (Company A) which holds my H1 and sponsoring my GC. I am currently working at a client (Company B) as a consultant. Because of bad economy conditions, my client(Company B) is about to terminate my contract and if it happens my employer cannot pay salary to me and I will end up staying without salary or have to go back to home country. But, my client is kind enough to offer me a fulltime if I am interested. As per the company policies, they do not accept H1B people. My GC situation is : Labor approved(2005), I-140 approved(2006),I-485 pending(July 2007), have EAD and AP. I am well past the 180 day period to use Ac-21. If I do not take fulltime now and if my contract gets expired, based on the current economic conditions, I may miss the best and easiest opportunity to get job.

Here are my questions. I apologize for my ignorance in this matter if the questions are too basic.

1. Are there any risks involved in accepting fulltime employment with EAD while my GC is in progress?

2. My H1 is valid till Dec 2010 and I am planning to to maintain good relations with my current employer even if I switch to new employer. I am pretty sure they do not cancel my H1. God forbid, If something wrong happens with new employer before my current H1 expires, can I switch back to the present employer? What steps do I need to take?

3. The job description is same/similar to the GC sponsored job. Do I need to invoke Ac21 even if I use EAD?

4. How will it affect the dependent applicant? My wife has EAD too. Will her H4 be automatically cancelled if I switch to EAD? Does she needs to maintain her EAD like mine without expiration?

5. If I ever have to comeback to H1 after my current H1 expires(Dec 2010), I read somewhere that I will not be subject to cap. Is it correct?

6. Do I need to inform my attorney that I changed employer as they are representing both me and my curreent employer in GC process?

Thank you very much in advance.