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I am working in US with L1B Visa from company A, now I have my H1 petition approved from the same company had applied to me before I had L1B. Now is it possible for me to change my Visa status from L1B to H1, if yes then what are the situations under which I will be able to change as I am planning to change the company.
You will need to apply for an H-1 through the employer you wish to join. You should be able to apply for a change of status as a part of that process.