Abdur Rahman ibn Yusuf Mangera – Simplified Zakat Guidance Company Partnerships

			Bismillah R Rahman r Rahim, the
issue about zakat I want to cover
		

			in this session is the curtain
partnerships. Essentially, the
		

			only difference of a partnership
is just like a partnership would
		

			be a partnership in a business,
I'm assuming. So everything
		

			relevant to the cotton businesses
is going to relate to the garden
		

			partnership, the only difference
is going to be that whatever the
		

			proportionate share of each
partner is, they will be liable
		

			for that amount of assets within
the company, whatever is the
		

			cuttable of that proportion, they
will be liable for that. So so the
		

			way some companies work is that
they may be limited companies, and
		

			which in the legal terms be
considered a independent entity,
		

			right. And even though it's got
to, to owners, and so on to
		

			directors and so on and so forth.
However, in essence, if that is to
		

			be dissolved, then obviously that
money will go to those
		

			shareholders and to those partners
anyway. So the liability of the
		

			assets in our for the show is are
basically do belong to the
		

			shareholders as mean, they are
liable for this account in that.
		

			So what happens is just say that
somebody's paying their their
		

			personal zakat in Ramadan. So
they're going to incorporate in
		

			there any dividend that they may
have received. So if Ramadan is
		

			in, in May, and they got a
dividend in April, right. So
		

			basically, that means they've
already got that before the date
		

			of death occurred, that means
they're going to include that in
		

			there, if they've still got any
money left from that, however, any
		

			monies which are left inside and
any other equitable assets that
		

			are inside the business, who takes
care of that. So really, what
		

			happens then is, the way you
should do this is that you should
		

			basically decide whose is what you
will know that from the
		

			shareholding and then that would
be divided and the value of that
		

			will be ascertained. Whatever is
accountable, and what it is not
		

			the garden. So whatever is
accountable, even though you're
		

			not pulling it out as a dividend,
right, you've got stock inventory,
		

			or other things which are
accountable or other cash that
		

			you've just kept in there. Right?
That is going to be divided among
		

			the shareholders. And they will
then pay that out on the on the
		

			record date as well. So I got a
question recently that there's a
		

			partnership in a company to people
or partners 5050, let's just say,
		

			and their company accounts are
made six months after Ramadan. So
		

			do they have to wait until six
months later and then pay zakat on
		

			that day on behalf of the company
separately. So as I mentioned, the
		

			company is not due to pay any
Zagato on its own. There's no
		

			liability on a company because we
don't see companies as independent
		

			entities, they belong to the
owners. So really, what you should
		

			be doing is, you should get them
to make a calculation of the
		

			multiple assets around the time
that you are paying zakat. So on
		

			the day, that is yours, the
current date that you fixed,
		

			right, and whatever's in there at
that time is what you will pay
		

			zakat on. Right. That is what's
important. You don't wait until
		

			the company has to do its own
accounts. Of course, when the
		

			company does its accounts, then
sometimes there's certain things
		

			which become more clear in terms
of what's owed and what you know
		

			what the holding and so on, then
you can actually go back then and
		

			just check if you've paid
sufficiently, right. So you can
		

			use that to correct any wrong. And
if you've paid more from before,
		

			well, that's fine, it becomes
sadaqa, right? And if you've paid
		

			less than you'd have to pay that
much. But otherwise, you generally
		

			don't wait until the company's
accounts become due. And you don't
		

			have to pay on behalf of the
company. Yes, if somebody wants if
		

			there's two partners, and on the
day that there's a god's do, they
		

			can actually pay whatever the
assets are in the business that as
		

			a collateral, they can just pay on
those assets without distributing
		

			them among them, that's completely
fine. Because the maximum that
		

			that will that will cause is that
maybe somebody will pay more than
		

			they're supposed to, and that's
fine. In that case, you hardly
		

			will ever pay less than what's
due. So you can do it like that as
		

			well on the day that the
individuals zakat are due. So
		

			hopefully that's clear inshallah.