What happens if company applies for a green card for you when you’re on L1B visa, but then you get laid off before your green card process ends. Do you lose the green card?

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If you get laid off after receiving your card, then nothing happens, you have your card and life goes on. If you have not received your card, then the process might get cancelled depending on where you are in the process.

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Is it technically advantageous to be somewhere in the process? And if so, what stage of process it should be (roughly number of months since it has started?).

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If you never had a green card in hand, then you don't lose it since you didn't have it. But the process stops and will need to be reinitiated with another employer if it's an employer based GC depending on how far along you were in the process

If you lose your job under L1, you have 10 days to leave the country since your visa does not allow you to work for any other company. If you have a pending I-485, then you can stay until a decision is made however you cannot work.

10 days?! I always heard 60 or 90 days… Have you got a source to cite there?

How quickly after applications process starts you typically have that pending I-485 status?

I started my perm on Feb 2020, applied to AOS in Oct 2021. Still waiting on approval for my i485

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