Urgent - L1B to H1B

HI there, hope you are doing good.

Here ismy situation …I am on L1 since 2013 and i have my H1 i-94 with effective date from 1 st oct this year.I traveled to india on L1 and came back on L1 on 27 Sep’ 2015. so i have new i-94 with 3 year validity on L1.Also my L1 visa is valid till 2016

Now i am not getting project on H1 , so i would like to continue on L1.what are the options ?

I want to continue working on L1 so do i need to do COS from H1B to L1B ? how much time this will take ? is there any chance for deniel of this COS? what is the cost for this COS ?

and if COS is getting approved , can i use this H1 petition in future next year or so ?

You are now in L1 status, only when you get a project on H1B; you may change status.

Thank you for response. Does it mean I can stay on L1 till I get a project and I do not need to ask H1B employer to file COS to stay on L1B? Because my employer said I have 60 days to report if I don’t report then my status is still H1 so it is illegal to be on L1. Also if I report after 60 days then only COS needed for H1B ? If I report within 60 days then also i t requires COS?

If you have recently entered USA on L1, your status is now L1. I did not understand what you mean by reporting.

Once you get a project, your H1B employer will have to file a COS from L1 to H1B. Please confirm on what status you recently entered USA?

Thank you and sorry i made it little confusing. My recent entry in US is L1(sep '2015).
as per my employer they filed my H1 with I-94 and that is applicable from 1 octomber’2015 , so as per him i will be on H1 automatically , so it is illegal. and i have 60 days grace period to join H1B employer.
as per your comment i understand that i can be on L1B untill i get project and i can file COS once i get project on H1.
so my another question is if i join H1 employer before 60 days then also i will need COS to H1B ? because as per my employer my status is automatically H1B as H1B i-94 is having effective date as 1 OCT 2015. and my L1B i-94 has date of sep’2015ue and if i join within 6o days then COS will not be needed , please correct me if i am understanding wrong. Also how much does COS aprox. cost , is it same as new H1 cost ?

When did your H-1 get approved? Was it before you left US or afterwards?

Thank you Saurabh.
I left after approval. I left in September and it was approved around May.

Then you are on H-1. This is “Last Action Rule” which states that your status will be determined by latest I-94.

In May, your H-1 I-94 would have an effective date of Oct 1. You received a new L-1 I-94 in Sep, but it got superseded w/ H-1 I-94 on Oct 1. Had you entered US after Oct 1, H-1 I-94 would have become ineffective and you would have stayed on L-1 status.

Now that you are on H-1, you need to stop working for L-1 employer and start getting paid on H-1. There is no grace period.