I-140 approved, applying H1B

[avdp]

I have applied for GC and my I-140 is approved. I am on L1B right now which is going to max out Aug 2012.

with approved I140, can I apply for L1 to H1 conversion any time before my max out ? or it shoud fall within the regular Hcap time lines .. ?
since my L1 is going to epire in Aug 2012 , if I apply for H1 next year, it will be active only from October 2012. do i have to leave US between august and october ?

I can not apply for H1 this year yet for some reasons.

What privileges does I-140 provide regarding H1 visa?
can you please advice ?

[kabkaba]

Since you have never been cap counted your employer must file only when cap numbers are available. Having I-140 approved means that H1 can be approved for 3 years instead of 6-5 = 1 year.