Limits inspire you to break them. Limitations are the point beyond which you cannot go.
Limits are imposed externally and artificially shrink your freedom and identity. Limitations are inherent and internal and represent the boundaries of your being.
Constantly striving to overcome and reduce limits is a noble thing. Wishing away limitations leads to death.
Limits can be used as a tool, played with as a game, negotiated, or ignored. Limitations are a form of protection built into reality and can only be worked with.