Second law of Newton for variable mass systems

Frequently I see the expression $$F = \frac{dp}{dt} = \frac{d}{dt}(mv) = \frac{dm}{dt}v + ma,$$ which can be applied to variable mass systems.

But I'm wondering if this derivation is correct, because the second law of Newton is formulated for point masses.

Furthermore if i change the inertial frame of reference, only $v$ on the right side of the formula $F = \frac{dm}{dt}v+ma$ will change, meaning that $F$ would be dependent of the frame of reference, which (according to me) can't be true.

I realize there exists a formula for varying mass systems, that looks quite familiar to this one, but isn't exactly the same, because the $v$ on the right side is there the relative velocity of mass expulsed/accreted. The derivation of that formula is also rather different from this one.

So my question is: is this formula, that I frequently encounter in syllabi and books, correct? Where lies my mistake.

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It is formulated so that $F+v_{rel} \frac{dm}{dt} = ma$, where $v_{rel}$ is the relative velocity of the mass being ejected to the center of mass of the body. This takes care of your question about reference frames, because $v$ will be the same in all frames. The term gets moved to the left side of the equation because $-v$ describes the velocity of the center of mass relative to the ejected matter.
2. Newton's second law says that the rate of change of momentum of a system is proportional to the applied force. We choose units in such a manner that the constant of proportionality is 1. With this definition, the equation $md\vec{v}/dt + \vec{v} dm/dt = \vec{F}$ makes sense with $\vec{v}$ being the velocity of the body in the same frame of reference in which other vectors are measured.