I've so many suggestions for you....I don't know where to start.
1)Puppies aren't aggressive by nature. They just aren't. What you've got there is English Bulldog attitude. And it's not going to get any better - probably worse - unless you begin stepping up to be your precious pup's pack leader.
2) Exercise - a tired pup is a GOOD pup
3) Discipline - do not confuse this with punishment it's NOT the same thing.
4) THEN give affection. Affection is food, water, toys, your time. But only after you've tired him out and shown him what behaviors are appropriate and acceptable to you.
5) Dog's don't understand the concept of "time out". You are only confusing your dog with that strategy. He's not a human child. He's a puppy. Dogs are instinctual; they don't rationalize things. Yelling "No" is only effective to a point. Does he know what behavior you do WANT then?
6) Get a book and start reading! I'm going to suggest Cesar Millan's "How to Raise the Perfect Puppy" - but then, you probably saw that coming huh?
7) ENJOY YOUR NEW BABY! You have an opportunity to raise an ambassador to the breed. Education is your friend. Everyone is here to help.
GLAD YOU JOINED US!