L1 B expiring but valid I94- L1 extension/H1 B

[theck_gs]

Currently I am in US with an L1 B which is valid till March 2014. My I 94 is valid till October 2015.can I apply for H1 B during 2014 april CAP?

These are my areas of concerns, any suggestions on this is highly useful
a) My employer said that since my I 94 is valid, I don’t need to apply for an extension. Is it ok to be working without a validity in Visa, but validity in I94 ?
b) Employer says that if I go out of US for a vacation after March 2014, then I need a new blanket to be filled to come back to US.
Is it not possible for an extension of L1 Visa instead of fresh blanket when I am in US?
c) Can I apply for H1 B under CAP on April 2014? My L1 B will be expired that time, but I 94 will be valid.
d) Also if I apply H1 and worst case it gets rejected. Will my I 94 goes invalid ? (my I 94 is valid till October 2015.

Since I am here with my family, it is highly useful if I can plan this in advance.
Thanks much

[raghvi]

Currently I am in US with an L1 B which is valid till March 2014. My I 94 is valid till October 2015.can I apply for H1 B during 2014 april CAP?

These are my areas of concerns, any suggestions on this is highly useful
a) My employer said that since my I 94 is valid, I don’t need to apply for an extension. Is it ok to be working without a validity in Visa, but validity in I94 ?
b) Employer says that if I go out of US for a vacation after March 2014, then I need a new blanket to be filled to come back to US.
Is it not possible for an extension of L1 Visa instead of fresh blanket when I am in US?
c) Can I apply for H1 B under CAP on April 2014? My L1 B will be expired that time, but I 94 will be valid.
d) Also if I apply H1 and worst case it gets rejected. Will my I 94 goes invalid ? (my I 94 is valid till October 2015.

Since I am here with my family, it is highly useful if I can plan this in advance.
Thanks much

a. Yes you can legally work till Oct-2015. Visa is only an entry document I-94 determines your legal status while in US.
b. Yes your employer is right. In order to return after March 2014 you would need a fresh H1/L1 stamping. Though extension can only be filed 6 Months before I-94 expiry merely filing extension and getting it approved still doesn't grant you valid entry into US after your visa has expired. Extension merely extends your stay in US it doesn't grant you right to leave and enter US after visa expiry, that is determined by the visa.
c. Yes you can.
d. No your I-94 will still be valid.

This is my opinion not legal advice.