The LG Gossip allows up to 160 characters maximum per text. This includes spaces. Once 160 characters is exceeded as I am sure you have noticed, it will separate the message into multiple messages.
Just to add to what iSAW stated...160 character length is controlled by the network. so if your phone allows 320 characters and you by chance use up the 320 characters then when you send the sms the netwrok will chop up the message into 2 msgs....msg-part1 160 chars and msg-part2 160 chars