Shutting down is supposedly more stressful to the hardware than sleep, and there's really no practical limit to how often you can put it to sleep. I probably close and open my MBP several dozen times per day, on average. It makes me worry a little about the hinge, but I haven't had hinge problems since my old PowerBook G3 more than a decade ago. (And to be fair, I kind of whacked the hinge kind of hard on that machine, which probably played a role. 😊)
As for the battery, if you leave the machine sleeping and not plugged in, there is a slight drain over time, but it's not significant unless you leave it that way for a long time - like, for example, if you leave it sleeping with no power cord connected overnight.