As I understand it, you can only write off a business's expenses against that business's income, not income from other sources. For example, if you have a W2 income source and you have this business generating losses, you can't take your business losses or write offs and apply them to your W2 income, so you wouldn't really be saving any money as there would be no revenue to write off expenses against. You would need to get the business to generate revenue for this to be a viable idea.
The only case that I am aware of where you can take business losses / write offs and apply them to other income sources is in real estate, and only under very specific circumstances. This is one reason why high income individuals love things like short term rentals which is one circumstance in which this is possible.
I am not a lawyer or accountant, but you can fund your business with a loan from your person, and then if the business fails, you can write off the loan against your personal capital gains, and up to $3000 of regular income per year. This is not financial or legal advice.
I do not believe this is correct. If your business is a "pass through" style of entity, you can indeed deduct losses from other income (up to a point and with various limitations.) Doing too much of this can definitely trigger an audit.
The only case that I am aware of where you can take business losses / write offs and apply them to other income sources is in real estate, and only under very specific circumstances. This is one reason why high income individuals love things like short term rentals which is one circumstance in which this is possible.