A class inheriting from another control should not be a UserControl (as that's a class inheriting from UserControl). Instead, you just create a new (blank) class, and manually have it inherit from the control you want.
For example, if you wish to create a control that inherits from Button, you create a new blank class and type this:
Code:
Public Class MyButton
Inherits Button
End Class
If you do want a UserControl (meaning, you want to add some other controls to your existing layout, like adding a Button to a Treeview or something), then you create a blank UserControl and simply drop an instance of your other UserControl on this new UserControl.