In the calculus textbooks I've come across, the limit laws are given on the condition that both individual limits exist.
Is it safe to weaken that condition by saying that they are valid as long as they do not lead to indeterminate forms, and then abusing notation a bit for determinate forms involving $\infty$?
For example, I would say that: $$ \lim\limits_{x\rightarrow a} \frac{f(x)}{g(x)} = \frac{\lim\limits_{x\rightarrow a} f(x)}{\lim\limits_{x\rightarrow a} g(x)} $$ and then say that for this purpose $\frac{\infty}{x} = \infty$ and $\frac{x}{\infty}=0$ where $x\in\mathbb R$.
This seems to work for me, but I know calculus and not analysis. So I'm wondering if there are any pitfalls.
No this is false.
$\lim_{x \to 0} \dfrac{2+\sin(\frac{1}{x})}{2+\sin(\frac{1}{x})} = 1$ but $\lim_{x \to 0} ( 2+\sin(\frac{1}{x}) )$ does not even exist, neither in the affinely extended real line nor the projective real line, intuitively because it 'oscillates and never goes anywhere'.
Also $\lim_{x \to 0} \dfrac{x^2}{\sin(x)} = 0$ but it is certainly not $\dfrac{ \lim_{x \to 0} x^2 }{ \lim_{x \to 0} \sin(x) }$ because the latter is meaningless in the first place since both numerator and denominator are zero.