Proof that you need at most $p - 1$ cut:
It is known that using compass and straightedge, with a segment of length $a$ and $b$, $a \geq b$, one can construct $c = \sqrt{a^2+b^2}$ and $d = \sqrt{a^2-b^2}$. It is also possible to divide a segment into an arbitrary number of equal parts. Addiontially, the center of a circle can be determined. This is sufficient for us to construct the fair cuts.
Let $r_1,r_2,...,rn$ be the radii of the circles. Let $r^{*}$ be the radius of the circle whose area is equal to the area of a share, then
$$r_* = \frac{1}{p}\sqrt{r_1^2+r_2^2+...+r_n^2}$$
which is clearly constructible. Now let's put the $n$ circles into the first $n$ shares, as the same time we also draw $p$ segments to keep the areas of the shares of length $x_1,x_2,...,x_p$ in check (for convinience we call them the shares' radii). Initially, $x_i = r_i$ for $i \leq n$ and $x_i = 0$ for $i > n$. We proceed to repeat the following steps
Find a largest share with radius $x_\max$ and a smallest share with
radius $x_\min$. If $x_\max > r'$, proceed to cut and remove an annulus
piece of area $S_{cut} = \pi x_\max^2 - \pi r_*^2 = \pi r_{cut}^2$ then move it to the smallest share and update their radii accordingly. Otherwise, halt. For an annulus with radii $a,b$, $a < b$, to cut a piece of area $S_{cut}$, we have
$$r'_{cut} = \sqrt{r_{cut}^2 + a^2}$$
After each operation, the number of share that has the radius equal to $r_*$ increases by at least $1$. Since there're only a finite number of shares, eventally the process halts. The possible scenarios are
One cannot find a piece large enough. That's impossible because the largest piece of a share is either the initial cake, or a piece that it receive from a previous step. However, in that case, the surplus area received is $S_{sur} = S_{cut} + S_\min - S_* < S_{cut}$ therefore the surplus that's needed to be cut off cannot be larger than the largest part (in terms of area).
$x_{\max} = r_*$. This only happens when all the shares are equal
Thus our process of cutting the cakes give the equal shares as desired. Since at each step at least $1$ equal share is produced, and only $p-1$ equal shares is needed, since the leftover is obviously also equal, only at most $p-1$ cuts are needed.
P/s: I do not know how to prove if you need at least $p-1$ cut for almost all sets of cakes. Someone who is well versed in number theory may be able to prove that.
Ok that are 2 cuts as I see now...
– johannesvalks Jun 26 '14 at 20:09