L2 to H1B and H4 Applications can be processed parallely?

Hi currenlty my husband is on L1B working for Employer B and I am on L2 EAD working for employer A and we have valid visa till Aug 2014. My Husband employer B is applying for a H1B petition for 2014 cap and my employer is also willing to file H1B for me this year. My question is can i apply for H1B from my employer A and parallely apply for H4 through my husband employer B? I heard that if my H1B is not approved i will be out of status and need to travel back to india for stamping. Is there any other options for me to avoid falling out of status and going back to embassy for stamping?

If your H-1 is denied, and H-4 COS (through husband’s employer) is still pending or approved, then you are good to stay in US. If that H-4 gets denied, then you will have to leave US.

Saurabh thanks for the reply. Can both these applications processed parallely?

Yes, they can process in parallel. You also need to watch out for Last Action Rule. The petition that gets approved later will determine your eventual status.