Teams Meeting is an excellent option for hosting a meeting for 250 participants or less. You have full presentation functionality for all participants (internal and external) and have numerous options to present content (Desktop Screenshare, powerpoints, etc.) within the meeting. Teams Meeting can be a simple conference call with audio only or you can have a video conference as well.
Teams Live Event can be used for meetings for 250+ participants (internal or external). Unlike Teams Meetings, external participants cannot be presenters, they can only be a participant in the meeting. Teams Live Events is your best bet for town halls or other large meetings.
A list of best practices "Dos and Don'ts" to assist you with hosting a successful meeting.