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a group of substances comprising fatty, greasy, oily and waxy compounds that are insoluble in water and soluble in nonpolar solvents, such as hexane, ether and chloroform. Simple lipids are the triglycerides or neutral fats.ny of a group of organic compounds, including the fats, oils, waxes, sterols, and triglycerides, that are insoluble in water but soluble in common organic solvents, are oily to the touch, and together with carbohydrates and proteins constitute the principal structural material of living cells. lipÂ·idâ²ic adj.
How are lipids formed? A: Lipids are organic compounds that can include substances, such as fats, waxes, phospholipids and steroids. Depending on the type of lipid formed, it can consist of different combinations of molecules including fatty acids, glycerol and phosphate group. Triglycerides, which are a type of fat, are made up of three fatty acids and one glycerol molecule, while phospholipids consist of two fatty acids, one glycerol molecule and a phosphate group.