L1B Visa Expires this Dec 2012, but I-94 Valid till April 2015. Anything to be considered to stay in US just with Valid I-94?

[mdevananth]

1) I came to US on L1 Blanket Visa through my Company ( in L1 B Category) with I-797 Indefinitely Valid for Company )

2) Visa issued on December 2009 and valid till Dec 2012.

3) The validity date in form I-129S is also till Dec 2012.

4) I went to India in April 2012 and on arrival, the US Immigration officer / Department of Homeland Security issued I-94 valid till April 2015.

Questions:

1) Is there any issue in staying till April 2015 with just the I-94 issued by immigration officer? (Point to Note: My visa and I-129S Validity will expire this Dec 2012)

a. What all factors to be considered with staying just with Valid I-94?

b. Will it affect us in any form or shape (eg in getting H1 Visa / Green Card etc) in extending the stay just with I-94 and not with valid visa?

c.

Note: I got my driving license extended till April 2015 as per new I-94.

2) Can I apply for L1 extension by sitting here in US?

a. My legal / immigration team is saying that I can’t apply for L1 extension with I-94 valid till 2015. Also they are saying that I can apply only for fresh L1 after completion of my current L1 validity.

3) I’m thinking of applying for H1 next year (2013 April slot) and continue to stay in US with just the valid I-94. Will that be OK

a. Point to note: we don’t have any plans to go to India until next year end. (unless there is some emergency situation). So we are OK to stay here till next October (till H1 gets processed) without going out of country.

4) Also my company has agreed to apply for Green Card. Should I apply right now? - knowing that my L1 Visa will expire in Dec 2012 and I will not have any valid visa until I get my H1 in October 2013

5) Or Should I wait till I get my H1 and then start the Green Card Process?

Also please let me know if I’m missing any other important aspects in continuing to stay with just I 94 and getting my H1 Visa or GC processed?