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I’ve also created an example project that I’ve included at the end of the article if you want to see this working for yourself.Create a managed metadata field The first step is to create a site column using the Field element with a Type of either Taxonomy Field Type (allowing a single selection) or Type Taxonomy Field Type Multi (allowing multiple selections if you also set Mult=”True”).In the case of lookup fields and managed metadata fields (which inherit from the lookup field) these require an additional step to ‘wire them up’ to the correct lookup data programmatically.Wictor Wilén explains this process in his excellent article on ‘How to provision Share Point 2010 Managed Metadata columns’.

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When we add a managed metadata column through the UI Share Point creates two fields: Additionally two event receivers are added to the list if they are not there already.There are basically two types of event receivers: Synchronous and Asynchronous event receivers.Synchronous event receivers are also known as ‘Before’ event receivers.Asynchronous event receivers are also known as ‘After’ event receivers.They are used to perform some custom action after an event occurs.