A Talmid Chacham (Torah scholar) has preference over a Cohen. Everybody else needs to give preference to the Cohen; he gets called first to the Torah and gets to speak first at functions. At meals the Cohen gets served first and leads the Zimun.
In a business partnership a Cohen does not get preferential treatment.
One must stand up for a Torah Scholar even if he's young.
Source: Kitzur Shulchan Aruch 144:2, 8-9
To clarify: A Cohen always gets called to the Torah first, so as to prevent the unpleasantness of people arguing as to whether a specific person is a Talmid Chacham worthy of displacing the Cohen or not.
- Danny,
Wednesday, 20 Tevet 5773