Well these error happens if you have a form base and add a control belong to the visual powerpacks, in the microsoft forums it says that it is a bug and will be fixed in incoming relases. but here in a post found the solution.
I just wonder how many times i have faced weird problems and found the solution but never post something about it. I hope it help people to find the solution quickly.
In the form base you have to remove the visual power variables and used as local variable in InitializeComponent().