There shouldnt be a limitation. Why would there?
In simple terms.
When using the traditional MBR configuration, there is a limit, for every file system type available. NTFS limits you to 4 physical partitions, or 3 physical partitions and 1 virtual partition. These are maximum values.
Now, in the virtual/extended partition, you can have up to 25 logical drives, but those are not partitions.
Mounted drives are, yet again, another beast.