Well...normally to register a new company 2 million or if you need two WP then 4 needs 2 weeks....now the Christmas / new year ....a bit longer....if it's not registered you even can not think about step 2 , means for each foreigner work permit you need 4 thai employees , registered and payed the social security for the 8 Thais.....normally can be done as well in two weeks....and then you get a receipt fir paying and asking at the labor office for 2 work permits .....can be 4 weeks ....depending where you are.....a professional layer should tell you this.....if you want yo get the WP you have yo be outside the country in the moment as the lawyer ask for the recipe ...( new regulation effective since September ) on,y with the picture of your stamp out if thailand they can ask for the WP 3.... .....and then they will proceed the work....you can come back the next day with a 30 days stamp.....but CAN NOT WORK....till the labor office have approved it.....
Now it's " high season as well" means a lot of foreigners ask for this.....so depending on the offices .....can be much more time.....
Forget your idea a passports all is in the computer ! You can do 2 border run plus to extensions per year....but after this 120 days.....all will be a big problem.....go to get a proper visa, like an education visa go learn thai and you will get it may be to 2-3 years
Yes now it's to late, the easy way is just go to the Penang consulate with all the papers again and ask for a new non o best way and directly start the process to get the one year visa