Turn the petcock off and disconnect the fuel line at the carb. Have a cup handy, fuel may come out, let it drain. Then, empty the cup, dry it out and place the fuel line in it overnight and see if the petcock leaks.
It is not normal to ride with the choke on, this is most likely a carb issue, possibly clogged jets.
If you are not comfortable rebuilding them, forum member Harisluv offers this service.
The 550F is a fine bike, it was my first SOHC.