L1 visa and passport expiry, address change.

Dear friends, experts,

My company has offered L1 and my passport is due to expire in October, 2015. I would like to any precautions, tips that i should take care of.
I have never been to US in the past but had been to UK, BELGIUM and CHINA on business trips. My current passport address is in CHENNAI and am living in BANGALORE for last 4 years. Could you please let me should i need to change my address or directly renew my passport now itself? Also, the general trend is who ever gets relocated to US on L1, company will H1 in the next available H1 quota. Please let me know the pros and cons.

Thanks in advance.