Pre-determined Share Size

Is there a way to set a maximum size of a specific share?  I’m asking because I use the MBL for backup for all my music, videos, documents and pictures.  There is also a share that my Mac’s Time Machine uses.  The Time Machine will keep on filling space until the drive is completely full.  I don’t want that to happen.  I was hoping to set a maximum size of say 500GBs for my Time Machine share.  Is that possible?  If so, how?  Thanks.

This is one of the most frequently asked questions about Time Machine, and is a known flaw in the program that a lot of us were hoping was going to be fixed in Lion… sadly Apple chooses (as always) to remove user choice and focus on keeping things the way they want to do things… oh well…

This post should help you:

There are a number of solutions to this issue posted there. Keep in mind that the My Book Live keeps the sparebundle in a hidden share - you might need to ask around how to access it if you are planning on following that method.