No person or corporation shall own or conduct a taxi business in the city without complying with all the laws of the state regarding the conduct of such business or the operation of for-hire vehicles, and without first having obtained a valid taxi owner’s license from the city clerk. Such license shall be effective for the calendar year or from the date of issuance until December 31st of the same year unless sooner suspended or revoked as provided in this chapter. The licenses and fees required under this chapter are in lieu of the business license and fees required under CEMC Chapter 5.02.