Let's assume we've proven that
$$\lim_{x\to a} f(x)g(x) = \lim_{x\to a}f(x) \lim_{x\to a}g(x)$$
Where $\lim_{x\to a}f(x)$ and $\lim_{x\to a}g(x)$ exist and are nonzero. If either are zero then we can reference a separate proof about multiplying against constants.
Anyhow, now we are faced with the notion of proving
$$\lim_{x\to a} \frac{f(x)}{g(x)} = \frac{\lim_{x\to a}f(x)}{\lim_{x\to a}g(x)}$$
Is it allowable to basically say "Same as the product proof except we define $h(x) = \frac{1}{g(x)}$ and use that instead?
The correct statement is something like
It is absolutely appropriate to use previously proved theorems in order to prove new theorems. In this case, the result that you give is one important ingredient, i.e. we can write $$ \frac{f(x)}{g(x)} = f(x) \cdot \frac{1}{g(x)}, $$ then use that the limit of a product is the product of the limits in order to conclude that $$ \lim_{x\to a} \frac{f(x)}{g(x)} = L \cdot \lim_{x \to a} \frac{1}{g(x)}. $$ This does leave one detail unresolved: do you know how to show that $$ \lim_{x\to a} \frac{1}{g(x)} = \frac{1}{M}? $$ Somehow, you need to prove that this limit works out the way you want. One way to do this is as follows:
With this little lemma in hand, we now have the result, namely $$ \lim_{x\to a} \frac{f(x)}{g(x)} = \lim_{x\to a} f(x) \cdot \lim_{x\to a} \frac{1}{g(x)} = \frac{L}{M}. $$ Note, however, that this intermediate step probably didn't save us much time or effort. We could prove this directly by examining the expression $$ \left| \frac{f(x)}{g(x)} - \frac{L}{M} \right| = \frac{ |Mf(x) - Lg(x)| }{|M||g(x)|}. $$ Bounding the numerator is slightly more complicated, but not by much.