welcome to LQ!!
We have many solutions!!!---possibly more than you want....
First, there are three distinct steps:
1. Create the partition
2. Format it with a filesystem
3. Mount it to the system tree
To create: fdisk, cfdisk, GParted, and many more (these tools typically do not do formatting.)
To format: mkfs (eg: mkfs.ext3 or mkfs.msdos)
To mount: (create a mount point, and then) mount
To mount automatically: edit /etc/fstab
Normally, to set permissions, you would set them for the mount point. I think you can do this before or after mounting, but I have not played with this for a while.