Urgent: H1B visa & Company Out of Business

[lovesummer]

Hello!
I need some advice on my H1B visa.

I'm currently working with H1B visa (expires in 2011). The rumor has it that my firm might be out of business soon. My questions are:

1) if my firm goes out of business (meaning the operation is closed and I stop being paid), my H1B visa is automatically terminated immediately, correct?

2) if so, is there any grace time period for me to remain legal here in the States, in another word, what is the time period for me before I'm out of status legally?

3) how much time do I have to find another employer here in the States?

I would really appreciate your advice and support! Thanks!

[itzprams]

1) if my firm goes out of business (meaning the operation is closed and I stop being paid), my H1B visa is automatically terminated immediately, correct?

--Not automatic unless they notify USCIS to revoke it. But you will fall out of status if they stop paying you.

2) if so, is there any grace time period for me to remain legal here in the States, in another word, what is the time period for me before I'm out of status legally?

--No grace period, But it would be good if you find another employer asap.

3) how much time do I have to find another employer here in the States?

--ans 2

[lovesummer]

Thank you very much for your response!! I have additional questions if you can help me further. I really appreciate it!!

1) if my firm goes out of business (meaning the operation is closed and I stop being paid), my H1B visa is automatically terminated immediately, correct?

--Not automatic unless they notify USCIS to revoke it. But you will fall out of status if they stop paying you.

2) if so, is there any grace time period for me to remain legal here in the States, in another word, what is the time period for me before I'm out of status legally?

--No grace period, But it would be good if you find another employer asap.
In your response to my first question, I will be out of status if the company stops paying me. That means that I will illegal to stay here right? So even if I find a job after my company is out of business, the Immigration Office will question my legal status during the gap when they process my H1B visa application from my new employer, right?

3) how much time do I have to find another employer here in the States?

--ans 2

[itzprams]

In your response to my first question, I will be out of status if the company stops paying me. That means that I will illegal to stay here right? So even if I find a job after my company is out of business, the Immigration Office will question my legal status during the gap when they process my H1B visa application from my new employer, right?

Well, in that case you will receive RFE for recent pay stub. If you fail to reply that RFE then you will have to leave US immediately and find another employer from your home country.