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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.
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.