H1 transfer to a small company

Is there any requirement for a company to sponsor H1 transfer, like number of employees, annual revenue, etc.? This company only has two employees. The company agrees to sponsor H1 trasfer. The company contacted a lawyer and the feedback from the lawyer is positive. But I am not sure if the company is qualified.

Another question is if I decide to transfer, but get disapproved, do I still have a valid H1 status with my current employer? Or I need to change to some other status like F1 or F2?

Any suggestion is appreciated.