MSTSC.exe which is the Remote client application is just that, an application and as such there is no specific limit. Where a limit does arise is the number of remote devices that can connect to your computer limiting how the local services can be connected. When you set up a session by default you give the host access to your clipboard and printers.
Server has specific licensing requirements, virtual or otherwise makes no difference. 2 admin connections are allowed without CALs because they are not strictly Terminal Services clients, beyond that and a CAL is required for each client.