Have no idea of specifics of the 550 - but, yes, when you pull in the lever, the clutch pulls/pushes or whatever to separate the clutch plates = disengage. The plates are oil bathed and the oil MUST be clean and new for this process to work effectively. The plates do stick if the oil is crap, if the bike has been stored a while or if the clutch assembly is turning to toast and needs rebuilding.
Mark