Green Card Process Kick off !!!

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Current Status

I am on H1-B Visa with 2 dependents (Wife and Daughter), with my current employer (A)  I-797 is valid up to May 31 2021.
My H1-B Extension is in progress with my current employer (A)  which is supposed to get extend until my "Max out Date" i.e. (Mar/April 2023).

Questions 1:
Green card processing is not yet started by my employer (A) and they suggested it will be initiated couple of years prior to "Max out date", with current situation and time lines  what will happen to my case if I don't get my I-40 approved by "Max-Out-Date". 

How many days can I stay in USA ?
Is it possible to stay and work on with the "Receipt" i.e (perm stage getting approved and I-40 pending status) ?

Questions 2:
My own sister is US Citizen, can she file a green card to me as a "sibling", what is the process and time duration to get GC approved.
Will this process initiation impact my "Current Status" if started parallel ?


Thanks  for spending some time on my Questionnaires any response is greatly appreciated!


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