Hi freelancebre -
It's very common to combine businesses that are related. Let's say your your etsy business is producing SVG files or creating greeting cards - both of these are easily related to graphic design so you can "lump" into one business. But if your etsy shop is all about crochet hats then that would be a separate business.
Most business are not profitable out the gate so taking a loss is not uncommon. The rule of thumb is that you are trying to make a profit (it isn't just a hobby) and that expenses are ordinary and necessary. Actually getting to claim the loss on your tax return will depend on if the loss is "at risk". This article talks about that: https://turbotax.intuit.com/tax-tips/investments-and-taxes/what-is-form-6198-at-risk-limitations/L7O... - but TurboTax will walk you thru determining if you can take a loss or need to "carry it forward" to offset future income.
You want to claim all income and expenses allowed in the year you earn the income or pay the expense. This helps establish you are a business and may help with future thing (like bank loans). The rule of thumb is that a business should be showing a profit for 2 out of 5 years.
Down the road when you are making a profit you'll report the income on your regular tax return (the IRS considered a single member LLC as a sole proprietorship so report income and expenses on a Schedule C as a part of your Form 1040 tax return). Profits are taxed at the regular income tax rate (based on all your income) plus you will pay "SE" tax (social security and medicate taxes) at the same time. You need to check with your resident state as to how they tax the LLC. For example, in California, you report the income on your individual tax return but you also have to file a separate LLC return for California.
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