1. What is an L1 visa?
The L-1 nonimmigrant visa category allows multinational companies to transfer employees from a foreign-based office to a related, U.S.-based office. The L-1 visa category is reserved for managers, executives and specialized knowledge workers.
The L-1 visa category is split into 2 separate categories- the L-1A for Multinational Executives and Managers and the L-1B for Specialized Knowledge workers.
The primary requirements of the L-1 category include:
- Qualifying Relationship: There must be a qualifying relationship between the U.S. sponsoring employer and at least 1 foreign entity – parent-subsidiary, affiliate or branch office.
- Employed for at least 1 Year: The employee who is being transferred must have been employed for 1 continuous year abroad within the past 3 years in a managerial, executive or specialized knowledge capacity.
- Role in the U.S.: The position in the U.S. must be a managerial, executive or a specialized knowledge position. The role cannot involve a combination of these subcategories.
- New Office L-1: If the U.S. company is less than 1 year old, it is defined as a “New Office”. This special designation allows foreign companies to expand into the U.S.
2. How do I qualify for L-1 visa?
The L-1A and L-1B are different in several distinct ways.
1.Eligibility:
The L-1A is designated for “managers” and “executives”
The L-1B is designated for “specialized knowledge” workers.
2. Duration of Stay/Validity Period
The L-1A allows for up 7 years of stay in the U.S. in L-1A status.
The L-1B allows for up 5 years of stay in the U.S. in L-1B status.
3. Path to the Green Card
The path to the Green card may look very different for those in L-1A or L-1B status.
L-1A: For those in L-1A status who were also in managerial or executive positions abroad, they can utilize the expedited EB-1C path to the green card.
If they were in a specialized knowledge position abroad, however, the more traditional PERM/I-140 path is the usual path to the green card.
L-1B: For those in L-1B status, the more traditional PERM/I-140 path is the usual path to the green card. However, if they were in a managerial or executive position abroad, then a promotion to or an offer of employment in an executive or managerial position in the U.S. could enable them to pursue the EB-1C path.
3. What is the labor certification process?
Labor Certification or PERM is a laborious procedure requiring that the employer prove that there are no minimally qualified U.S. workers to fill the foreign national’s position. The procedure is complicated, expensive, and there is no guarantee that it will eventually lead to a green card. Thus, avoiding this procedure through the EB-1C is a prudent course to take when examining routes to permanent residency.
4. What are the different types of Qualifying Relationship for the L-1?
In order to be eligible for the L-1 visa, the foreign company abroad where the Beneficiary was employed and the U.S. company must have a qualifying relationship at the time of the transfer. The different types of qualifying relationships are:
1. Parent-Subsidiary: The Parent means a firm, corporation, or other legal entity which has subsidiaries that it owns and controls.
“Subsidiary” means a firm, corporation, or other legal entity of which a parent owns, directly or indirectly, more than 50% of the entity, OR owns less than 50% but has management control of the entity.
a. Example 1:
Company A is incorporated in France and employs the Beneficiary.
Company B is incorporated in the U.S. and wants to petition the Beneficiary.
Company A owns 100% of the shares of Company B.
Company A is the Parent and Company B is a subsidiary. Therefore there is a qualifying relationship between the two companies and Company B should be able to sponsor the Beneficiary.
b. Example 2:
Company A is incorporated in the U.S. and wants to petition the Beneficiary.
Company B is incorporated in Indonesia and employs the Beneficiary. Company A owns 40% of Company B. The remaining 60% is owned and controlled by Company C, which has no relation to Company A.
Since Company A and B do not have a parent-subsidiary relationship, Company A cannot sponsor the Beneficiary for L-1.
c. Example 3:
Company A is incorporated in the U.S. and wants to petition the Beneficiary.
Company B is incorporated in Indonesia and employs the Beneficiary.
Company A owns 40% of Company B. The remaining 60% is owned by Company C, which has no relation to Company A. However, Company A, by formal agreement, controls and full manages Company B.
Since Company A owns less than 50% of Company B but manages and controls the company, there is a qualifying parent-subsidiary relationship and Company A can sponsor the Beneficiary for L-1.
2. Affiliate: An affiliate is 1 of 2 subsidiaries thar are both owned and controlled by the same parent or individual, or owned and controlled by the same group of individuals, in basically the same rations.
a. Example 1:
Company A is incorporated in Ghana and employs the Beneficiary.
Company B is incorporated in the U.S. and wants to petition the Beneficiary.
Company C, also incorporated in Ghana, owns 100% of Company A and 100% of Company B.
Therefore, Company A and Company B are “affiliates” or sister companies and a qualifying relationship between the two companies. Company B should be able to sponsor the Beneficiary.
b. Example 2:
Company A is incorporated in the U.S. and wants to petition the Beneficiary.
Company A is 60% owned by Mrs. Smith, 20% owned by Mr. Doe, and 20% owned by Ms. Brown.
Company B is incorporated in Colombia and currently employs the Beneficiary.
Company B is 65% owned by Mrs. Smith, 15% owned by Mr. Doe, and 20% owned by Ms. Brown.
Company A and Company B are affiliates and have a qualifying relationship in two different ways:
- Mrs. Smith, Mr. Doe and Ms. Brown own both companies in approximately the same proportion or
- Mrs. Smith owns more than 50% of both entities.
3. Branch Office: A branch office is an operating division or office of the same organization housed in different locations. For example, if Company A is incorporated in Spain
a. Example:
Company A is incorporated in Spain and employs the Beneficiary.
Company A has an office in New York. Company A has not incorporated a separated entity in New York. It has simply registered itself as a “foreign office” located in New York.
Company A can transfer the Beneficiary from its Spanish Office location to it’s New York office location through the L-1 as the New York office is a “branch” office.
5. How do I qualify for L-1 visa?
To qualify for an L-1 visa :
a. The U.S. company to which the employee is being transferred must be a branch, parent, subsidiary, affiliate or joint venture partner of the foreign employer
b. Employment in the U.S. company must be as a manager, executive or a specialized knowledge position
c. You need to have been employed at the foreign company for at least 1 continuous year in the past 3 years in an executive, managerial or specialized knowledge position.
OR
6. What are the benefits of the L-1 for an employer?
The L-1 visa category offers several benefits compared to other visa categories for both employers and the employees being transferred.
The benefits for employers include:
a. The ability to transfer key/critical employees in managerial, executive and specialized knowledge positions allows companies to expand and establish themselves more quickly, and allows operational continuity.
b. The ability to transfer executive and managerial employees specifically allows companies to ensure that key leadership roles are held by individuals with deep and critical knowledge of the global organization.
c. The ability to transfer specialized knowledge personnel quickly and efficiently ensures that a companies proprietary knowledge and skills are put to use in the most effective way possible.
d. Unlike the H-1B:
- There are no quotas. Once the L-1 petition is approved by USCIS, employers can quickly move their employees once they obtain the visa.
- There is no minimum salary requirement. While the employer should pay their L-1 employees a reasonable, living wage that is commensurate with their position in the U.S., the company can also maintain salary levels based on internal rubrics as opposed to levels set by DOL.
7. What are the benefits of the L-1 for an employee?
a. You can be transferred to the U.S. and work legally for a U.S. company that is a branch, subsidiary, affiliate or joint venture partner of a company that already employs you outside of the U.S.
b. You will be permitted to travel in and out of the U.S. or remain here continuously until your L-1 status expires.
c. Your spouse and dependent children can accompany you to the U.S. in L-2 status They can live and study in the U.S. (including higher education – college/university). The L-2 spouse can also work in any occupation in the U.S.
d. The L-1 visa category is a dual-intent visa category. This means you can come to the U.S. with the intention of applying for the green card and do not have to maintain a residence abroad.
e. You can apply for a Green Card through employment and, if you were a manager or executive in the foreign company, you might be able to skip a major step of that process (no Labor Certification).
f. Once an Adjustment of Status is file, L-1 and L-2 visa holders are allowed to travel freely without waiting for Advance Parole.
8. What are some of the limitations of the L-1 visa?
a. Changing employers while remaining in L-1 status is not possible unless the new employer is also a part of the multinational company. The only option to change employers would require changing status to another nonimmigrant visa category like H-1B, O-1, TN, etc.
b. The L-1B is historically a challenging category has proving “specialized knowledge” can be difficult.
c. The L-1 is limited to multinational companies with specific types of qualifying relationships. Employer in the U.S. who do not have a related company abroad cannot use the L-1 visa category.
9. How does a U.S. company file for an L-1?
The employer must file the Form I-129, Petition for Nonimmigrant Worker with USCIS with the required fees and supporting documentation. It is also recommended that the employer, called a “Petitioner”, include a letter explaining the multinational structure of the company, how the U.S. employer and foreign company have a qualifying relationship and how the transferee employee (Beneficiary) qualifies as for the L-1 position. The letter should include details about:
- Present employment, the job duties, and length of service with the company and how that role is an executive, managerial or specialized knowledge position.
- Information about the proposed role in the U.S. and how that role is an executive, managerial or specialized knowledge position.
In addition to the form and letter, the following supporting documents should also be included (this list is not exhaustive):
- Documents evidencing the qualifying relationship between the U.S company and the foreign company (share certificates, incorporation documents, etc.)
- Organization Charts showing the hierarchy of the transferee employee’s position within the company (who do they report to and who reports to them). Organizational Charts are especially important for managerial and executive roles.
- For Specialized Knowledge positions, information and documentation regarding specialized training, information and documentation regarding proprietary products or services offered by the company
10. What is the “New Office” L-1 Visa and what additional information does USCIS require for a New Office L-1 petition?
USCIS has created a special category of the L-1 for “New Offices”. A new office is defined as a parent, subsidiary, affiliate or branch office U.S. company that has been doing business for less than one year.
This category allows foreign companies and entrepreneurs to set up a new U.S. office using the L-1 category to transfer an executive, manager or specialized knowledge worker to lead the startup operations.
Once approved, the initial L-1 approval validity period will be 1 year. If eligible, extensions can be filed in 2 year increments.
To secure a New Office L-1 visa, a few additional requirements have to be met:
- The company must secure a physical office as of the filing of the L-1 petition.
- The new office should be able to show that it has enough capital or access to capital to fund its first year of operations
- For L-1A’s- you have to be prepared to show that the office will require a manager or executive within one year
- For New Office L-1B’s, you have to be prepared to show that office can support the specialized knowledge professional within one year.
It is also strongly recommended that a Business Plan be prepared and submitted with any L-1 New Office petition. The Business plan should include information about the strength of the foreign company and capability to open a successful business in the U.S. as well financial and personnel projections for the next 3-5 years.
11. Can an L-1 petition be filed outside the U.S.?
No, the L-1 petition has to be filed with USCIS unless you are eligible for a Blanket L-1.
12. What is the Blanket L-1?
In order to facilitate the transfer of employees for large multinational companies, USCIS has created a special category of the L-1 called the “Blanket L-1”. The Blanket L-1 is essentially a mechanism where a multinational U.S. company can obtain preapproval of the qualifying relationship it has with its parent, subsidiary, and/or affiliate companies in the U.S. and abroad. Once a company has a Blanket L-1 approval, it can quickly transfer employees from the listed companies abroad to any of the listed companies in the U.S. without having to file a separate L-1 petition with USCIS. The employees simply have to apply directly at a U.S. Consulate (Canadian citizens simply have to present the approval at the port of entry with the required forms and documents).
In order to be eligible for Blanket L-1 classification:
1. The U.S. petitioner and each qualifying organization must be doing business (engaged in commercial trade or services)
2. The U.S. petitioner has to have been doing business for at least 1 year
3. There are at least 3 or more U.S. and foreign branches, subsidiaries, and/or affiliates; and
4. At least one of the following criteria must be met:
a. The petitioner has had at least 10 L-1 approvals within the previous 12-month period OR
b. The U.S. subsidiaries and/or affiliates have combined annuals sales of at least $25 million OR
c. The U.S. workforce is at least 1,000 employees.
In order to apply for Blanket L-1 classification, the U.S. petitioner must file the Form I-129 petition with evidence of the above listed criteria and a full list of all qualifying entities. Once approved, employees can only be transferred to entities listed in the Blanket approval. For any entity that is not listed in the Blanket approval, an individual petition must be filed to transfer any employees. An amendment Form I-129 can be filed to add entities to the Blanket L-1.
The L-1 Blanket approval will be initially valid for 3 years. The US petitioner can then file for an indefinite extension if the multinational group has complied with all L-1 Blanket requirements.
13. After L-1 Blanket Approval, how can my company transfer employees?
Once a US Petitioner has an approved L-1 Blanket petition, employees can be transferred to any U.S. company that was listed in the petition from any foreign related company that was listed in the petition. No separate petition with USCIS will be needed to transfer that employee.
Once an employee has been designated for transfer and the company has determined whether the employee will be an L-1A, Manager or Executive, or an L-1B Specialized Knowledge professionals, the following steps will be taken:
- Prepare the Form I-129S (at least 3 copies) and attach the L-1 Blanket approval to each I-129S
- Prepare documentation showing that the employee qualifies for either for L-1A or L-1B
- Schedule an appointment at the U.S. Consulate (prepare all other documents/procedures needed for a visa appointment, including submission of the DS-160, Nonimmigrant Visa Application)
- Submit any required fess
- The employee will attend the interview and obtain an L-1 visa with the L-1 Blanket endorsement. One of the Form I-129S’s will also be endorsed by the Consulate.
- The employee will travel to the U.S. and must present the L-1 visa along with the endorsed Form I-129S.
Note: If the employee is an Canadian citizen, the employee must present the Form I-129S, L-1 Blanket approval and supporting documentation at the port of entry. If approved, the CBP officer will endorse the Form I-129S. It is recommended that this endorsed Form I-129S be carried for each trip for the duration of the L-1 status.
14. Can I extend my stay on L-1 status?
Those in the U.S. in L-1 status can have their status extended by their employer.
For regular L-1 employees, the employer must file the Form I-129 with L Supplement with USCIS. When approved, the approval validity should be in 2-year increments.
For L-1 Blanket employees, the Form I-129S must also be included with the Form I-129. When approved, USCIS will issue a Form I-797, Notice of Action for the Form I-129 and a separate Form I-797, Notice of Action for the I-129S (this replaces the endorsed Form I-129S).
When traveling the L-1 visa applicant must present the appropriate approval notice and supporting documentation to obtain the L-1 visa at the U.S. Consulate.
Note: L-1 blanket holders can also file for an extension of their visa directly at the U.S. Consulate and are not required to go through the petition process.
15. Is Premium Processing available for the L-1?
Yes, Premium Processing is available for the Form I-129, L-1 Petition. The Form I-907, Request for Premium Processing can be submitted with the Form I-129, along with the required fee, or it can be submitted once the L-1 petition has been field and a receipt notice from USCIS is received. Once USCIS receives the Premium Processing request, they guarantee the petition will be adjudicated (issue an Approval Notice, Request for Evidence or Notice of Intent to Deny) within 15 business days.
16. What is the definition of an Executive for L-1 visa purposes?
In a nutshell, an executive is someone who has a wide latitude of discretion over decision-making, generally over an entire company, division or major function of a company.
By definition, an executive is someone who:
- Directs the management of the organization or a major component or function of the organization;
- Establishes the goals and policies of the organization, component, or function;
- Exercises wide latitude in discretionary decision-making; and
- Receives only general supervision or direction from higher level executives, the board of directors, or stockholders of the organization.
Characteristics of executive responsibilities would include:
- Being charged with representing the company during high-level negotiations
- Reporting directly to the General Manager, CEO or Board of Directors
- Possessing significant power over decision making without any or with little supervision
- Directing management or managers and not being involved in day-today operations or functions of the company
It is very important that the executive duties be made distinct from “managerial” duties as USCIS does not allow for “combination” roles. A majority of an executive’s time should be spent on executive duties.
17. What is the definition of a Manager for L-1 visa purposes?
Generally speaking, for L-1 purposes, a manager is someone who supervises and controls the work of professional employees, a division of the company or a function. They generally work without direct supervision or oversight but may report to an executive.
By definition, a manger is someone who:
- Manages the organization, or a department, subdivision, function, or component of the organization;
- Supervises and controls the work of other supervisory, professional, or managerial employees, or manages an essential function within the organization, or a department or subdivision of the organization;
- Has the authority to hire and fire or recommend those as well as other personnel actions (such as promotion and leave authorization) if another employee or other employees are directly supervised; if no other employee is directly supervised, functions at a senior level within the organizational hierarchy or with respect to the function managed; and
- Exercises discretion over the day-to-day operations of the activity or function for which the employee has authority. A first-line supervisor is not considered to be acting in a managerial capacity merely by virtue of the supervisor’s supervisory duties unless the employees supervised are professional.
Characteristics of managerial responsibilities would include:
- Supervising the work of high-level employees, other managers, professional employees, and/or supervisory employees
- Supervising a function of the company and not being involved in tasks that are considered operational
- Having the ability to hire or fire an individual or having significant input in personnel decisions regarding employees within the manager’s division
- Has the authority to direct the day-to-day operations of their division or the day-to-day work of their subordinates.
It’s important to show that the manager is not a mere supervisor but has discretion to make important decisions within their purview. They should also be relieved of performing non-managerial duties.
18. What is the definition of a Specialized Knowledge Worker for L-1 visa purposes?
Specialized knowledge cannot be as easily defined as “executive” or “manager”. Specialized knowledge essentially means having “special knowledge” of a company, it’s services, its products and/or management, etc.
By definition, specialized knowledge means special knowledge possessed by an individual of the petitioning organization’s product, service, research, equipment, techniques, management, or other interests and its application in international markets, or an advanced level of knowledge or expertise in the organization’s processes and procedures.
Characteristics of the L-1B specialized knowledge would include:
- Having special knowledge of a company product and its application in international markets;
- Have an advanced level of knowledge of processes and procedures of the company’;
- Having had a critical or leading role in the development of a proprietary product or service not commonly available outside or even inside the company;
- Having “advanced knowledge” or a deep understanding or expertise in the company’s specific processes and procedures. This advanced knowledge may be uncommon or rare within the industry, reflects that you have a significantly higher mastery of a complex process that is not normally found within the company and this knowledge is not easily transferrable to others within the organization.
Note: The Blanket L-1B is only available for specialized knowledge “professionals”. This means to be eligible for a Blanket L-1B, the transferee must have at least a bachelor’s degree or its equivalent in a field related to the occupation. The regular L-1B has no degree requirement.
19. Is there a minimum educational requirement for an Executive or Manager to get an L-1?
There are no minimum educational requirement for the L-1A for managers or executives. However, USCIS may look to an employee’s educational background to see if that individual qualifies for the position abroad or the one being offered.
20. What are the documents required to apply for L-1 visa at a US Consulate?
The documents required for L-1 visa application are:
- Filled-in visa application Form DS-160
- One recent passport size photograph, 50mm X 50mm of each applicant showing full face without head covering against a light background
- A passport, valid for travel to the U.S. for at least six months longer than your intended visit
- Employee copy of Form I-797 Approval Notice
- We also recommend that the employee have a Copy of Form I-129, Petition for Nonimmigrant visa.
21. Can I come to the U.S. on a B-1/B-2 visitor visa or on Visa Waiver while an L-1 petition is being processed?
Labor Certification is a laborious procedure requiring that the employer prove that there are no minimally qualified U.S. workers to fill the foreign national’s position. The procedure is complicated, expensive, and there is no guarantee that it will eventually lead to a green card. Thus, avoiding this procedure is a prudent course to take when examining routes to permanent residency.
22. What is the visa status given to the dependents of a L-1 visa?
Yes, it is possible to visit the U.S. as a tourist or as a business visitor while an L-1 petition on your behalf is pending.
However, under no circumstances should you engage in any activities that could be construed as work for the U.S. company. This could lead to questions being raised at the L-1 visa interview or even for the L-1 petition.
If you are coming to the U.S. to engage in business activities on the B-1 or a Business Visitor on Visa Waiver (ESTA), ensure that your activities are limited to “allowed activities” and activities related to the foreign company, except in very limited circumstances.
It should be noted that USCIS can request information about activities in the U.S. while in visitor status if an L-1 petition is pending.
23. What is the visa status given to the dependents of a L-1 visa?
L-2 Visa status that is issued to the dependents of US L-1 visa holders. Dependents include the spouse and unmarried children below 21 years of age.
24. Can my dependents work in the U.S. on L-1 visa?
The L-2 spouse of an L-1 visa holder can work in the U.S., in any occupation or field. There is no requirement to apply separately for Employment Authorization. The authorization to work is now based just on being in L-2 status.
When an L-2 spouse individual enters the U.S., they must ensure that their I-94 Arrival Record noted that the status is “L2S”. If a person is in the U.S. and has applied for extension or change of status, then the Approval Notice should say “L2S”.
25. Can I transfer or change jobs on an L-1 visa?
It depends. A person working pursuant to L-1 status is limited to working in for a qualifying member of the multinational group (parent, subsidiary, sister, branch, or affiliated company) that sponsored him or her.
If the person is on an individual L-1, the employer must file Form I-129 for a “change of employer” request in order to change the employer. For those who on an L-1 Blanket, they may move between any of the group members listed on the Blanket L without further notification to the USCIS.
Any employment outside of a qualifying member of the multinational group will require a different type of visa.
26. What happens if my employer fires me while I am in the U.S. on an L-1 visa?
Those who have been terminated are eligible for a grace period that is 60 days or until the expiration of their I-94, whichever is shorter, to remain in the U.S.
In this situation, the person should file for a change of status if they can find new employment and are able to find a suitable work visa option, to visitor status if they need more time in the U.S. or to student status (F-1 or M-1). If a change of status is not possible, the individual should prepare to leave the country.
27. Can I work for any other company other than the company that sponsored my L-1 visa?
Those in an individual or “regular” L-1 are not permitted to work for any other employer other than the named Petitioner on the I-797, Notice of Action and the L-1 visa (if applicable).
Those on a Blanket L-1 may move between any of the group members listed on the Blanket L petition. If the move is to any entity not already listed in the Blanket L, a Form I-129 Change of employer petition is required before moving.
28. Is there a requirement to pay L-1 workers a 'prevailing wage'?
No, there is no requirement to pay a prevailing wage for L-1 workers. The wage should meet all federal and state wage requirements.
It is important to remember that paying L-1 workers significantly below the prevailing wage, the wages of your U.S. staff or wage commensurate with their position within the company may raise suspicions and could bring increased scrutiny from USCIS or the consulate.
For example, for an L-1A Executive or Manager, a wage that is not in line with their position either in the place of employment or within the company itself may raise questions about whether the role is actually an executive or managerial position.
For an L-1B Specialized Knowledge Worker, a lower than expected wage may raise questions about whether the role is truly specialized.
29. Can I move L-1 employees to different sites around the U.S.?
Yes, you may move L-1 employees to different work locations and/or sites provided they remain under the management and control of the L-1 Petitioner. Moving a work location alone does not require the filing of a Form I-129 Amendment. However, if there are other material changes in the job duties and/or position of the employee, an Amendment of Status filing may be required.
30. Can L-1 employees work part-time?
Yes, L-1 employees may work part-time.
As with other aspects of the job duties and responsibilities, employers must ensure that part-time designation does not “take away” from the individual’s role as an executive, manager or specialized knowledge worker. If working part-time would not enable to the worker to properly fulfill their duties, this may raise questions.
31. How is an L-1 different than an E-2 visa?
The E-2 Treaty Investor visa allows nationals from countries that have treaties of commerce with the U.S., to enter the U.S. either for the purpose of directing and developing the operations of an enterprise they have invested in, or are in the process of investing a substantial amount of capital or allows Executives, Supervisors and Essential Employes of the enterprise to enter the U.S.
The main difference between an E-2 visa and the L-1 is that the E-2 does not require that the U.S. company have any related entities abroad, i.e., the US company does not have to “multinational”. An investor can obtain an E-2 visa to come to the U.S. to direct the activities of a brand new company in the U.S.
If the U.S. enterprise is established through a substantial investment from citizens of a treaty country, the company can be “registered” as an E-2 company. Subsequently, any citizen of that country can obtain an E-2 visa to come to the U.S. as an executive, supervisor or in an essential worker capacity. There is no requirement for any employment abroad.
32. What benefits will I get by applying for L-1 visa when compared to E-2 treaty investor visa?
The two major benefits of L-1 visa over E-2 visa are:
- The E-2 visa can be used only by citizens of countries that maintain a “bilateral investment treaty” with the U.S. There is no such restriction for an L-1.
- For an E-2 investor visa, the investment involved must be substantial. The New Office L-1 only requires that the company have access to enough capital to run initial operations.
- E2 visa applications are usually processed directly at the U.S. embassy or consulate and can take upwards of 6-12 weeks to process with practically no provision to expedite. An L1 visa petition can generally take as little as 2 to 3 weeks under premium processing at the USCIS Service Centers.
33. I am the owner of the business and I have just obtained an L-1. Can I purchase another business under a new corporation, distinct from my current L-1 petitioner?
Yes, you may purchase new business. However, if the purchase is done as part of a distinctly new entity, you will not able to work in that new business as your L-1 status is attached to the original L-1 company. If you wish to be employed by the new corporation, you must file a Form I-129 Change of Employer petition.
Alternatively, you can merge the new business into your existing L-1 petitioner company to avoid any complication with your ability to run operations.