For example, say we had a function:
$$f(x)=x+2x^2+3x^3+4x^4+...\text{ for } x\geq1$$
Then can we write:
$$f(x)=O(x) \text{ as } x\rightarrow1$$
since the value of $f(x)$ at $x=1$ is $-1/12$? Or do we argue that the limit of the function is $\infty$, thererefore there is no bounding term?
Regarding your mathematical question about the big "O" notation:
$$f(x)=\mathcal O(x)\;\;\text{as}\;\;x\to1\iff \lim\sup_{x\to1}\left|\frac{f(x)}x\right|<\infty\iff$$
$$\iff\lim\sup_{x\to1}(1+2x+3x^2+\ldots)<\infty\;,\;\;\text{and this is clearly false}.$$
under the usual assumptions and definition in mathematics.