Phosphates are Mother Nature's leaving groups for nucleophilic substitution reactions. They also serve as buffers for all physiological fluids except blood (which is buffered with bicarbonate). Here are the species generally referred to as inorganic phosphate:

The pK values shown mean that when H2PO4- and HPO42- are present in equal concentrations in an aqueous medium, the pH will be 7.2. Actual physiological pH is about 7.4, implying a slight excess of HPO42-. The pK of this latter species means that essentially no PO43- exists.
The structures above are drawn differently than in typical biochemistry texts, which incorrectly show one of the P-O bonds as a double bond

In general, elements below the first full row of the Periodic Table, like phosphorus, do not form ordinary double bonds with first row elements.

The images below show the structure of inorganic phosphates, computed at the ab initio 6-31G* level of theory. The key picture is the one on the right, in which electron charge is mapped onto the surface of the molecule.
Red corresponds to high negative charge; notice that the unprotonated oxygen is significantly more negative than the others, as implied by the Lewis structure.
| H3PO4 | |
|---|---|
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| H2PO4- | |
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| HPO42- | |
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Move on to the next page for a discussion of the hydrolysis of phosphates, and the so-called "energy-rich" bonds.