The word 老板 is formed by combining the character 老, meaning "old" and often used as an honorific prefix to denote respect or seniority, with 板, which in this context historically means "proprietor" or "owner", derived from its literal meaning of "board" or "plank" referring to the counter or signboard of a shop, thus together creating the term for "boss" or "shopkeeper" with a connotation of authority and esteem.