Art Licensing—Help a fellow artist (me) out! 😓

Hi all! I'm U.S.-based artist and occasionally get contacted by small companies or individuals with requests to license my artwork. I recently got one such offer that I actually am really interested in, but I'm a newbie to licensing and need help!

I've combed through posts on this sub and have obviously done some googling. I'm familiar with the basics re: art licensing terms, copyrights, exclusivity, and all that. But I still feel super under-equipped and I'm anxious about getting myself into a mess. (My biggest fear is bringing legal trouble down on myself somehow by being naive 😖)

So my biggest questions:

1) Does the company proposing to work with the artist typically bring the contract/licensing agreement to the table, or is that something I'm expected to draw up myself? Does anyone (in the U.S.) have any good resources/examples of contracts?

2) Is it necessary to get a lawyer to look over any contracts/agreements? Like, do most artists who license out their work do that for every agreement? If so, how would a broke person myself who can't afford a lawyer proceed? 😬

3) *Most important one! I haven't actually registered my business officially as an LLC or anything as I've been pretty lowkey so far, mainly just doing print-on-demand as an individual/sole proprietorship. (I don't imagine I'll ever have employees or a physical storefront or anything like that). Is it even legal for me to license my work out or is that not something I can do without an official business license?

Any help or resources you could offer would be so so appreciated!! Thank you!