Immigration Issues/H1-L1 query

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Question
I am currently working on H1B visa and my I-94/H1 visa is expiring in March 2009.

My current company A who holds my H1B would not be filing for an extension instead they are planning to file an L1A blanket petition for me.
I would have to travel to India to get my L1 stamped some time in Feb 09.  

The questions that I have are as follows

1. If I go to India get my L1 stamped will my H1 visa stamp automatically become invalid? Will they stamp cancelled on the H1 stamp?
2. Also by applying for the L1 is my current company obligated to revoke my H1? If revoked can I later transfer the H1B to a new company?
3. Can I at a later date when I am in US on L1 have a new company B apply for COS to H1?
4. Will I be subject to H1 cap?
5. Is there a time frame by which company B has to apply for COS to H1?

Also is there anything else that I might be missing here.

Your response with this regard would be greatly appreciated.  

Answer
Hi,

When the Consulate issues you the L1 visa stamp, they will normally cancel the H1B visa stamp. You can then enter the U.S. only for the purpose of employment with the L1 employer.

Any company can file an H1B petition for you requesting COS, and you will not be subject to the visa cap for the next six years after being granted L1 visa status.

Regards,
Ajay K. Arora, Esq.
www.h1b1.com

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Ajay K. Arora

Expertise

I can answer your questions on employment and family-based U.S. Immigration Law. Expertise in various immigration categories includes the following: H-1B, L-1, O-1, PERM (labor certification), EB-1 to EB-3 I-140 employment-based immigrant petitions, family or fiance(e) or spousal sponsorship, visa extension or change of status, adjustment of status, naturalization (citizenship), etc.

Experience

Ajay K. Arora attended Pennsylvania State University and the University of Wales at Swansea (United Kingdom), and earned his law degree at Temple University School of Law, Philadelphia, in 1993. Mr. Arora has practiced Immigration Law since graduation and is a member of the American Immigration Lawyers Association since 1995.

Organizations
American Immigration Lawyers Association (AILA) full member since 1995.

Education/Credentials
Ajay K. Arora attended Pennsylvania State University and the University of Wales at Swansea (United Kingdom), and earned his law degree at Temple University School of Law, Philadelphia, in 1993. Mr. Arora has practiced Immigration Law since graduation and is a member of the American Immigration Lawyers Association since 1995.

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