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Therefore, Lipids are not soluble in water but are soluble in nonpolar solvents (ex: benzene and chloroform). Lipids have several functions in biology. Digestion of triglycerides yields glycerol and fatty acids, which are subsequently used as fuel.ipids belong to a family of organic compounds which includes fats, oils, waxes, cholesterol, phospholipids, steroids, and fat-soluble vitamins (A, D, E, and K). They are formed by either or both carbanion-based condensation of thioesters and carbocation-based condensation of isoprene units.
  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.