Getting a Series 65 License to run a Hedge Fund!

Is a Series 65 really needed to run a hedge fund?
Everything on the Series 65 exam has absolutely nothing to do with a hedge fund?
If a fund’s General Partner registers as an LLC and the fund itself registers as an LP in Delaware, would the fund have to register with as an RIA in every state it offers clients to join?
Example: If the fund is running in North Carolina, a person who lives in Florida wants to invest, can I accept their funds or should I have the fund registered in that state first?
Also, does the manager have to obtain a series 65 license before raising capital or can he/she get the license just before actively trading? Thank you in advance. Please be as detailed as possible in your responses.

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