Following example shows an usercontrol whose property, PropertyValue is bindable. This value is shown in usercontrol using a TextBox(tbPropertyValue). To use this control create a user control in your project, copy/paste the following code, build your application, drop the usercontrol from toolbox to your application, use databindings property to assign binding field to PropertyValue.

Imports System.ComponentModel
Friend Class BindableControl
    Public Event ValueChanged As PropertyChangedEventHandler

    <System.ComponentModel.Bindable(True, BindingDirection.TwoWay)> _
    Public Property PropertyValue() As String
        Get
            Return tbPropertyValue.Text
        End Get
        Set(ByVal value As String)
            Dim ppe As PropertyChangedEventArgs = New PropertyChangedEventArgs("PropertyValue")
            OnValueChanged(ppe)
            tbPropertyValue.Text = value
        End Set
    End Property

    Public Sub OnValueChanged(ByVal e As System.ComponentModel.PropertyChangedEventArgs)
        RaiseEvent ValueChanged(Me, e)
    End Sub
    Private Sub TextBox1_TextChanged(ByVal sender As Object, ByVal e As System.EventArgs) Handles tbPropertyValue.TextChanged
        PropertyValue = tbPropertyValue.Text
    End Sub
End Class