Create a form to use as a "Template" or base form. Just an empty form with the properties set how you would like. Notice I said properties as you mentioned font, color size, etc. In programming, the term parameter is synonymous with argument, a value that is passed to a routine whereas a property is a characteristic of an object.
To have a new form inherit from the base form, in Solution Explorer, right-click the project, select Add, and then select New Item. In the Add New Item dialog box, select the Windows Forms category (if you have a list of categories) and then select the Inherited Form template. Set the name and click Add. In the Inheritance Picker dialog box, select your base form as the form to inherit from and click OK. This creates a form that derives from the form.
To have an existing form use the properties defined in the "template" or base form, you need to change the inherits statement for the form from the standard System.Windows.Forms.Form to your new form. To do this, you'll need to show all files. In the solution explorer, click the 'Show all files' icon at the top. The forms will now have a node expanding '+' to the right of their names in the solution explorer. Expand this node for the form you want to have inherit the base form and you'll see a file called formname.designer.vb where formname is the name of the form. Open the designer file and look for Inherits System.Windows.Forms.Form. Change that to Inherits BaseFormClassName; BaseFormClassName being the name of your "template" or base form. I'm assuming you're using either VS 2005 or 2008 as stated in your profile. You wouldn't have the designer file in previous versions and would instead change the inherits statement in the only code page for that form.
If you want to add controls to the base form so that the other forms inherit those controls and also want to be able to modify the properties of those controls in forms that inherit the base form, set the Modifiers property of those controls to Protected. Otherwise, set the Modifiers property to Private.