I am pretty confident with my skill set. I was working with a University for last 4 years (1 yr OPT + 3 yrs H1B) after my graduation with MS Comp Sci during recession period. Before that I used to work for a Supercomputer Center on my CPT.
As I never worked for a consultancy before and I hear all kinds of stories about many fraudulent consultancy firms, I am kind of skeptic about them. But in my current situation (I want to get out to the corporate world where the pay is more and more challenging jobs) with my current H1 (exempt) I cannot transfer to non-exempt companies. I am about to finish my MBA in this December and I want to complete it before I leave my current job & place. So if I want to get an non-exempt H1B, I think consultancies are my only option (In my opinion no large corp. will sponsor me for H1B - 6 months ahead- for me to start working in January 2007). Besides that most of the consultancies I contacted were asking me to pay around $2500 H1B fee and 1 year contract with them which I am not comfortable with.
That's the reason, I wanted to file with my friend's company. I am sure that he is not expecting any profit out of this deal now or in the future if I join his company.
I discussed your suggestion with my friend, he told me that he cannot change the address of his company (his home address) but he may be able to get a contract letter from the client with whom he is doing a corp-to-corp business with. Is that going to suffice the USCIS requirement?
YES. Useful. Detailed letter with contract value , duration of project, nature of project and your role in the project, hourly rate.
The XXXXX Inc has last year's tax papers (but the filed "LOSS" for last year - I think this may be a red flag too???).
company loss will come in to picture while filing your green card. I don't know what to do now. I am giving up hopes.
I am thinking of waiting till Oct, 2007 quota, but again I will have the same situation. At the same time, I will be left with only 1.5 of years of my H1 time, which would not be enough if I decide to apply for my permanant residency.
Go to job web site try to apply. so many corporations are willing to sponser H1 if your skill sets match with their requirements. Also try indian web sites for US openings naukri.com. Try atleast 50 places you will get one, you need one only. If nothing works out take a chance with your $$$ with your friend company.Do you have any suggestions about what I can do in my situation? I can keep my current job as long as I want (and as long as USCIS allows) but I want better my career and pay. I think I deserve better than my current situation

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Once again, I greatly appreciate all your feedback on my lengthy questions. YOU ARE THE BEST. This time it's I will understand even if you don't respond to my posting. I know it's too lengthy a posting. I didn't mean to bug you. Just my unclear situation & frustration.
Update your resume start sending at least 50 places with in month time.
THANK YOU VERY MUCH...
have a great day,