L1B to H1B transfer after 4th years

[bharath0108]

I am holding L1B visa spent 4 years so far, my visa gonna expire on 22nd Aug 2020, I have tried applying H1B twice before but not picked up in lottery.
I am planning to apply H1B in premium processing next time (April 2020) for the fiscal year 2021, what will happen when

1. If it's picked up in lottery and petition got approved.
2. Hopping status will get change only on October.
3. Since I am having my current visa until Aug 2020, what will happen after I exit US?,
a. Will it affect status and leads to denial.
b. By any chance if it approved, will I be getting just 1 year or 6 year since I completely 5 year in L1B and exited US on Aug.
c. Is that 1 year sufficient to apply I140 by new employer.

[Libra_14]

1. If it's picked up in lottery and petition got approved.

Nothing will happen.

2. Hopping status will get change only on October.

You'll have to file for COS separately to switch from L1 to H1.

3. Since I am having my current visa until Aug 2020, what will happen after I exit US?,
a. Will it affect status and leads to denial.
b. By any chance if it approved, will I be getting just 1 year or 6 year since I completely 5 year in L1B and exited US on Aug.
c. Is that 1 year sufficient to apply I140 by new employer.

You'll need a valid visa at the time of entering USA. You might probably get only 1 year for H1 initially, but you can extend that. Yes, 1 year is good for I140.