Is Zakat obligatory on money invested in a 50/50 partnership before a Ḥawl (one year) and Niṣāb (minimum threshold) are reached, or on the original hoarded amount, and does Zakat include the profits that are received and spent?

Zakat is obligatory on the principal capital and profits of a commercial activity. Each partner pays Zakat on their share of the capital and profit if it reaches the nisab, either by itself or when combined with other assets. The hawl (Zakat year) is calculated according to the lunar calendar, and the time for Zakat is upon the completion of the hawl after the wealth has reached the nisab. Zakat does not change with the formation of a partnership. There is no Zakat on profits or capital that were spent before the completion of the hawl.