You can create as much clones as you want as long as you've chakra for the creation since like you've said, it divides evenly your chakra among the clones
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The problem is not there. The problem is in your capacity to maintain them
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It's for that reason why even a tired Kakashi after a battle against Zabuza
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Managed to create more than 20clones
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But like he said himself, he couldn't have maintain them or do something consequent with them. It was only to fool them
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In the scenario of Kakashi's feat, let's say he has 1/100 of his chakra left and he made say 50 clones, the total chakra in each one would be 0.02/100. This is why Kakashi tried to bluff with the clones, if it actually came down to it Kakashi wouldn't be able fight effectively with any one of them. Not only that but with a chakra so close to zero, you can die very quickly depending on the efforts you make while/after using the technique, since when your chakra reach zero, you could die if you have no stamina left
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So you can create as much clone as you want, but depending on the amount of chakra in each clone, it's not only hard to maintain them, but you put yourself in a life or death situation if you overexert yourself. It's for that reason that this jutsu is not suited for people with little chakra, reason why those type of ninja usually use a limited amount of clone during fights in order not to get your chakra go to waste uselessly
If you use one clone, him and the original will have a half of chakra(50%)
If you make 2clones, it's split in 3, so roughly 33.33% of chakra for each
If you make 3clones, it's split in 4, so 25% of chakra for each
If you make 4clones, it's split in 5, so 10% of chakra for each
... and so on
It's for that reason that people with low stamina like Itachi never use plenty of clones, but with Minato having an almost unlimited chakra at his disposition he can use and maintain them when and how long he wants