Having L1B , Want to Apply H1B without loosing L1 Status

[paradigm_shift]

Currently I am in US on L1B for company A which is valid till May 2012 and I am planning to apply
H1B from another company B.
But I want to continue to work with company A on L1B even after getting my H1b approval from company B
till May 2011 when I decide to quit company A and join B on H1B.
1) Is it legally possiblle to do this and How?
2) What kind of details / conditions company B needs to fill while filing for my H1B?
3) What is the time duration for this.

Appreciate your responses with regard to above questions.

[shervin143]

1) Is it legally possiblle to do this and How?
>>> Possible. H1B employer will need to file the H1B as Consular process (Without COS). Yo can continue to work for the L1 employer even after the approval of the H1B. When you decide to work for the H1b employer, you will need to get the H1B stamped and re-enter in H1B visa or try and file for a COS at that time.

2) What kind of details / conditions company B needs to fill while filing for my H1B?
>>> See above answer.

3) What is the time duration for this.
>>> 2-3 months by normal process and 15 days by premium.