A family
company contains several partners. Each year, the partners share the profits.
We were told that each partner must pay the Zakate individually. Now, my first
question is: will the partners have to pay immediately, like a year has passed
or wait a year after they are in possession of the goods?

My second question: if the partners decide not to distribute all the profits
but to keep one part of the amont in reserve as a precaution. How to pay the
Zakate on this part of the amount that is in reserve?

Answer: 

In both cases (whether they distribute the profits or keep them in reserve), if they were all Sahib e Nisaab (a person who possesses Nisaab), the partners will be obliged to pay their Zakat on that particular time when they discharge their Zakat per annum. However, if they did not possess Nisaab, they will add these profits with their assets and see if the total amount renders them Sahib e Nisaab. If it does, they will discharge the Zakat after a year (calculating from that day they became Sahib e Nisaab) and if it does not, they will not be obliged to pay anything. (Al-Lubaab Pg. 94-95 Bushra, Tahtawi Alal Maraqi Vol. 1 Pg. 717 Darul Kububil Ilmiyyah) 

Note: Together with discharging Zakat of profits, they will be obliged to discharge the Zakat of the assets (goods) in this case as well.

AND ALLAH TA'AALA ALONE IN HIS INFINITE KNOWLEDGE KNOWS BEST

ANSWERED BY: Mohsin Khan 

CHECKED AND APPROVED BY: Mufti Muhammed Saeed Motara Saheb D.B. 

Islamic Date:٢٩ ربيع الثانى ١٤٤١ 

English Date: 26 December 2019