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Cloud computing is a new technology, providing different online resources and services to users. Load balancing has become an interesting research area in this field. A few existing scheduling algorithms can maintain load balancing and provide better strategies through efficient job scheduling and resource allocation techniques as well. In order to gain maximum profits with optimized load balancing algorithms, it is necessary to guarantee a service level along dimensions such as performance, availability and reliability. In this work, we propose a Model-based approach to study and analyze centralized and distributed dynamic load balancing protocols in the Cloud. The formal verification of different properties of the studied protocols has been performed automatically and a performance analysis allowing their comparison is also provided. In this paper, we show how aspects of performance, resource consumption, and reliability of the Cloud can be formally modeled, verified and analyzed using a component-based architecture.