1. Activation in lipid metabolism: Thioester bond is formed between the carboxyl group of the fatty acids and the thiol group of CoA-SH
2. Acyl-CoA synthetase catalyzes formation of the ester bond and requires ATP
3. Esterification takes place in cytosol, but the rest of the reactions occur in the mitochondrial matrix
4. Acyl-CoA can cross the outer mitochondrial membrane but not the inner membrane
5. Acyl group is transferred to carnitine, carried across the inner mitochondrial membrane, and transferred to mitochondrial CoA-SH by transesterification reactions