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While fat and oil lipids have three fatty acid chains joined to a glycerol molecule, phospholipids have two chains joined to the glycerol with a phosphate group, which you might have guessed from the first part of this lipid type's name. Phospholipids are the main constituent of cell membranes.
Quick Answer. Dr. Ananya Mandal explains on News Medical that lipids are mainly composed of hydrocarbons, and they are highly reduced forms of carbon. They make up the building blocks of the structure and function of living cells. According to About.com's Regina Bailey, lipids have diverse structures and functions. The main lipid groups are fats, phospholipids, steroids and waxes. Fats contain glycerol and three fatty acids. They can be either liquid or solid at room temperature. Those in liquid form are classified as oils, while those in solid form are called fats.