In the Designer Code:
this.ProductName.TextChanged += new System.EventHandler(this.ProductName_TextChanged);
Generally, you can automatically achieve this by double clicking the object in the GUI, and it will create the code for you in both the Designer and the Form.
The form code should look like
Code:
private void ProductName_TextChanged(object sender, EventArgs e)
{
lblCharactersLeft.Text = (ProductName.MaxLength - ProductName.Text.Length).ToString();
}
This will execute any time the text is changed, hence the TextChanged, so it will automatically update the number.