Start a live video from the app or the website.
In the app, tap Live on the Timeline; on the website, use the Live button above the composer. Give it a title and start — your friends see it in their feed while it is on.
A live to your feed needs no verification. Opening a public live room, which is listed in the Live tab and can charge at the door, does require verification first.
When you end a live the recording is kept and appears on the same post, so people who missed it can still watch.