You can hold H-1B status with two companies and get paid by both as long as you work the minimum number of hours stated on the H-1B application for each company

You can hold H-1B status with two companies and get paid by both as long as you work the minimum number of hours stated on the H-1B application for each company. So you may end up working about 70-80 hours per week. The problem is that when applying for, or even transferring, an H-1B the petitioning employer has to show revenue or existing capital and they also ask you if you have any ownership in the company. I am not sure what the impact of putting 'yes' in the ownership column would mean; likely a request for evidence. Consult a good lawyer to guesstimate your chance of getting an H1 sponsored by your new company. If the odds are good (ideally, preexisting success cases) I would apply for a whole new H1 (not a transfer). If for some reason you do not get it, you are not out of status. If you do get it, turn in your resignation at the existing place. Make sure you work for the required number of hours for both parties during your transition period (2 weeks or whatever).