You should be able to make as many partitions as you like and of any size within the first 4 GiB (that's 4,294,967,296 bytes) of the drive.
It's recommended to keep partitions smaller than 2 GB because otherwise programs might report negative sizes or refuse to install. But there is no real 2 GB limit.
Another limit is created by the amount of available RAM. The bigger a partition is, the more RAM is needed to format it. If you don't have enough RAM, strange things might happen, like "no disk in drive" messages. Although it's more common that it starts to format but then says "not a dos disk" or simply crashes.
