B1 to L1 transfer..Is it possible?

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Hi All:
I have an interesting situation; I appreciate any inputs or thoughts you might have to my questions.

I entered US on B1 visa last week. There is a possibility that I will be offered a position with my company in the US office to stay here and work. My B1 status is only for 3 months as stamped on the I94 card. What are the possibilities for me to accept the position in the US office to work here?

1. Can my company file for a L1 petition on my behalf, while I am here on B1? If yes, how soon can this be submitted after my arrival in the US.
2. How long will it take for L1 petition to be approved? I think this will have to be submitted to California Service Center.
3. If L1 approval does not arrive before my B1 status expires, can I continue to stay in the US and work for my company based on a pending L1 petition.
4. After obtaining the L1 approval, can I continue to stay in the US and work or is it mandatory to leave the country and apply for L1 Visa at a consular post and reenter the country with new L1 Visa.
5. While L1 petition is pending, can I leave the US for a week or two and come back on B1 visa and continue working on B1 for my company until such time as L1 is approved.

Thanks for your responses…

BTN

 

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1. Yes. Your prospective employer won't have to wait before filing a petition.
2. 15 calendar days if filed under Premium Processing. For non-PP petition processing time, check uscis.gov.
3. You can stay but cannot start working before the petition is approved.
4. If USCIS grants a "change-of-status," a replacement I-94 will be issued and you won't have to obtain a new L-1 visa. But you will need one once you get outside the U.S. after approval. As long as COS is granted and you stay within the U.S., you will never need to apply for an L-1 visa.
5. It is not recommended to go outside the U.S. when a COS application is still pending. USCIS would consider the COS abandoned if you did.