How to Add Managed Metadata Column to SharePoint List using PowerShell

Add-PSSnapin Microsoft.SharePoint.PowerShell -ErrorAction SilentlyContinue 

#Variables
$WebURL="https://portal.crescent.com/sites/Sales/"
$ListName="Team Docs"
$FieldName="Regions"

#Get the web and List
$Web = Get-SPWeb $WebURL    
$List = $Web.Lists[$ListName]

#Check if the column with same name exists in the list
if(!($List.Fields.ContainsField($FieldName)))
{
    #Get the Termset from Term store
    $TaxonomySession = Get-SPTaxonomySession -Site $web.Site
    $TermStore = $TaxonomySession.TermStores["Managed Metadata Service"]
    $TermGroup = $TermStore.Groups["Knowledge Portal"]
    $TermSet = $TermGroup.TermSets["Regions"]

    #Form the Taxonomy Field
    $TaxonomyField = $List.Fields.CreateNewField("TaxonomyFieldType", $TermSet.Name)
    $TaxonomyField.SspId = $TermSet.TermStore.Id
    $TaxonomyField.TermSetId = $TermSet.Id

    #Add the field to List
    $List.Fields.Add($TaxonomyField)
    $List.Update()

    Write-host "Managed Metadata column Added successfully!"
}
else
{
    Write-host "Managed Metadata column with the specific name already exists!" -f RED
}