Lipids perform several biological functions. Some of them are:
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Lipids such as triglycerides are storage compounds for the reserve energy of the body.
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Lipids are important component of the plasma membrane structure in eukaryotic cells and regulate membrane permeability.
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They serve as a source of fat soluble vitamins (A, D, E, K)
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In nerve fibers, the myelin sheath contains lipids which act as electrical insulators.
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Lipids occur as components of some enzyme systems
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Lipids are important as cellular metabolic regulators (Prostaglandins and steroid hormones)
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Cholesterol is found in the cell membrane of many organisms and in blood and bile.