H1b Transfer timeline and 2 simultaneous employers

[manum67]

Gurus,

Questions:

1) I am already on H1B but am switching companies and job roles. As I understand, the new company will have to file a new H1B for me, but I will be exempt from the quota. How long is H1B visa transfer taking thesedays?

2)H1B through my current company is valid until 1/2010. My new job starts on 7/30/2007. Can I start my new job on 7/30/2007 but quit my current job on 7/31/2007 (since that is the day i need to be on payroll to get my bonus)?
Essentially, can I be working for two companies at the same time?

thanks
-Wiseguy

 

[GotPR?]

You can not work for 2 employers unless your petition was approved that way.