Ok - so I tried to divide an 8 gig flash drive into 2 partitions and giving them each a Volume Name and drive letter. The first partition created is seen with new drive letter and volume name. The second partition is seen only in Paragon 12 Hard Disk Manager as its new volume name, but the option of giving it its own drive letter is not there and the partition is not able to be seen in Windows 7 either. I made both of them as primary FAT32.
Windows itself has limitation for removable devices (e.g. flash drives) : only one usable partition. Only Unix-like systems allow to create and use more than 1 partition.
