When using the IRS Model Custodial Agreement or Trust Agreement:

SEPs require that the same percentage of compensation be made for each employee. Partners are considered employees for SEP purposes. Therefore, it appears that each partner must have the same percentage of compensation made to the SEP. Is that correct?

If so, can the partners have different percentages if they set up their own SEPs? That is, can each partner establishes his or her own SEP?

I agree with your first question/comment

Regarding the second…despite the fact that each partner deducts the SEP contributions on their respective 1040s, partners are not allowed to establish their own plan…the plan must be established by the partnership. The contribution must be allocated uniformly under a model plan.