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Lipids. Lipids are very diverse in both their respective structures and functions. These diverse compounds that make up the lipid family are so grouped because they are insoluble in water. They are however soluble in other organic solvents such as ether, acetone, and other lipids.Major lipid groups include fats, phospholipids, steroids, and waxes.hese diverse compounds that make up the lipid family are so grouped because they are insoluble in water. They are however soluble in other organic solvents such as ether, acetone, and other lipids.
  The term lipid commonly refers to fats, which are known chemically as triglycerides. Triglycerides are organic molecules that contain three different types of elements â¦ : carbon, hydrogen, and oxygen. But technically, lipids are a class of molecules that includes triglycerides, phospholipids, steroids, and waxes.So if you wanted to know what elements are found in lipids as a class, you'd have to allow for phosphorus as well, since phospholipids contain phosphorus in addition to carbon, hydrogen, and oxygen.ut technically, lipids are a class of molecules that includes triglycerides, phospholipids, steroids, and waxes. So if you wanted to know what elements are found in lipids as a class, you'd have to allow for phosphorus as well, since phospholipids contain phosphorus in addition to carbon, hydrogen, and oxygen.